A student bought cabbage seeds for P100. He prepared cabbage plots at a cost of P400. He sold 360 heads of cabbage at P4 each.

1. (a) Complete the student's financial record: expenditure items and costs, income item and price, and the totals. [2]
2. (b) Calculate the profit or loss. Show your calculations. [2]
3. (c) Did the student make a profit or a loss? Give a reason for your answer. [1]

You'll mark your own answer against the marking guide when you hand it in.