Progressive supermarket applies a Gross margin ratio of supermarket applies a Gross margin ratio of 25% on all items. Below is an incomplete extract of the Income Statement for the year ended March 31, 2018 Sales Less: Cost of Sales Opening stock 2,500,000 500,000 Purchases 3,000,000 250,000) Less: closing stock 2,750,000 GROSS PROFIT Required: Calculate: a) Gross profit for the year. (6 marks) b) Sales figure for the year (8 marks) c) The gross mark-up ratio for the business (6 marks) Hilo Supermarket applies a Gross markup ratio of 25% on all items. Below is an incomplete extract of the Income Statement for the year ended March 31, 2010 Sales Less: Cost of Sales Opening stock 2,500,000 Purchases 250,000 2,750,000 250,000) 2,500,000 Less: closing stock 2.0.3 GROSS PROFIT (6 marks) Required: Calculate: a) Gross profit for the year. b) Sales figure for the year c) The gross margin ratio for the business (8 marks) (6 marks)