The following information relates to the activities of Inga Candels for the year ended 31 Oct 2022: & multicolumn(1)(|c|)( £ ) Gross profit & 15,000 Motor vehicle expense & 2,000 Rent expense & 4,000 Light and Heat & 1,000 Salaries & 3,000 Interest on loan & 1,000 What is the entity's operating profit for the period? E3,000 E5,000 E10,000 E4,000 E6,000 E8,000 E2,000

## Step1: Operating Profit is calculated by subtracting all operational expenses from gross profit. ### The formula is: ** **## Step2: Plug in the given figures into formula:- Gross Profit = £15,000 - Motor Vehicle Expense = £2,000 - Rent Expense = £4,000- Light and Heat Expense = £1,000- Salaries = £3,000- Interest on Loan = £1,000.## Step3: Calculate Operating Profit, ** **