1 Ivor Clue is a magician. He has conjured up the following results from his non-existent accounting records. Fees are equal to five times his direct costs. (This term is explained in Section 35.3.)...

1

Ivor Clue is a magician. He has conjured up the following results from his non-existent

accounting records.

Fees are equal to five times his direct costs. (This term is explained in Section 35.3.)

At any given time his stocks equal one week’s direct costs.

He defines a month as four weeks.

His stocks at 31 May and 30 June were both valued at £500.

Required:

Calculate his fees and profit for the month of June.