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Transcription of this question: FishersFishers manufactures baseball caps. In 2017, it sold 75000 caps. The variable cost per cap was$6. 7()% of Fishers’s annual sales occur from April to September. Starting in March, Fishersexperiences a significant increase in current assets and current liabilities, which start to decreasein October.Table 1: Selected data for Fishers for 2017 (figures in $000s)Sales revenueFixed costs$900$55Table 2: Selected forecasted financial information for Fishers for 2018Increase in number of baseball caps soldIncrease in variable costs per capFixed costsInterestIncome tax expense10%$1.00$55000$30 00020 % of net profit before taxSales price per cap will remain the same as in 2017.(a)(b)(c)(d)Define the term current assets.Using Table 1 , calculate Fishers’s net profit before interest and tax for 2017 (show allyour working).Using Table 2, calculate the following forecasted figures for 2018:0)(iii)(iv)sales revenue;total variable costs;income tax;net profit after interest and tax.Explain why Fishers experiences a significant increase in current assets and currentliabilities from March to October.[2][2][2]

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