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Use the following to answer questions 23 - 30 PMI Corp. reported the following income...

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Accounting

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Use the following to answer questions 23 - 30 PMI Corp. reported the following income statement result Sales $800,000 Sales returns & allowances 2,000 Gross profit 344,700 Operating expense 215,300 Gain on sale of equipment 4,000 Net income 94,900 23. $ 19700 Calculate Net sales 24. $ 453300 Calculate Cost of Goods Sold 25. $129400 26. S 13590 Calculate operating income Calculate income before income tax (18) 27. $_ Calculate income tax expense 28.1 5 %. Calculate the gross profit margin (one decimal place) 29. _ _% Calculate the profit margin (one decimal place) 30. $_ _Assume the company had a loss (instead of the gain) on the sale of equipment of $2,000; determine IBT

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