If a merchant purchased a sofa from a manufacturer for $400 and then sold it, what was the selling price of the sofa? 1. The selling price of the sofa was greater than 140 percent of the purchase price. 2. The merchant's gross profit from the purchase and sale of the sofa was ~$1 \over 3\$~of the selling price

Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.

Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.

BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.

EACH statement ALONE is sufficient.

Statements (1) and (2) TOGETHER are NOT sufficient.