1 On 1 January 20X6, the Grand Union Food Stores had goods in inventory valued at $6,000. During 20x6 its proprietor purchased supplies costing $50,000. Sales for the year to 31 December 20X6 amounted to $80,000. The cost of goods in inventory at 31 December 20x6 was $12,500 What is the gross profit for the year? 2 Lucas Wagg, trading as Fairlock Fashions, ends his financial year on 31 March. At 1 April 20x5 he had goods in inventory valued at $8,800. During the year to 31 March 20X6, he purchased goods costing $48,000. Fashion goods which cost $2,100 were still held in inventory at 31 March 20X6, and Lucas Wage believes that these could only now be sold at a sale price of $400. The goods still held in inventory at 31 March 20x6 (including the fashion goods) had an original purchase cost of $7,600. Sales for the year were $81,400, Required Calculate the gross profit of Fairlock Fashions for the year ended 31 March 20x6