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