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Salaries expense $180,000 Sales revenue $600,000 Sales returns 10,000 Interest income 3,000 Utilities expense 7,700...

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Accounting

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Salaries expense $180,000 Sales revenue $600,000 Sales returns 10,000 Interest income 3,000 Utilities expense 7,700 Cost of goods sold 300,000 Income tax expense 20,600 Rent Expense 6,000 Cash 12500 Interest expense 1,100 Inventory (begin) 25,000 Inventory (end) 20,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income $ 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) Use the following for 9 and 10 Units Cost per unit Beginning inventory 100 $17.00 Purchase 1 300 $17.50 Purchase 2 350 $19.00 The company sold 700 units 9. Determine ending inventory using FIFO: $_ 10. Determine ending inventory using LIFO: $ $

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