1. If sales is $100,000 and the gross profit markup is 25%, what is the amount for gross profit? a $20,000 b. $25,000 c. $120,000 d. $125,000 2. What is the primary purpose of the statement of affairs? a. To find opening capital or equity b. To determine the gross profit C. To determine the total sales d. To detect errors in the system 3. The Crystal Glass is a trader in chinaware dcor. The following information is available at the end of 2010: (1) Opening Inventory $31,400 (2) Closing Inventory $20,400 (3) Sales for December 2010 $90,000 (4) Standard margin is 33 1/3 % Based on this information, what was the amount for the purchases? a $22,500 b. $30,000 c. $49,000 d. $56,500