. 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