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Use the following to answer questions 28 - 33
SC reports the following income statement results:
| Sales | $777,000 |
| Operating expense | 375,000 |
| Net income | 99,000 |
| Sales returns & allowances | 7,000 |
| Gross profit | 500,000 |
| Interest revenue | 10,000 |
28. $____________Calculate Net sales:
29. $____________Calculate Cost of Goods Sold
30. $____________Calculate operating income
31. $_____________Calculate Income before Income tax (IBT)
32. ___ ___.___%. Calculate the gross profit margin (one decimal place)
33. __ ___.___%. Calculate the net profit margin (one decimal place)
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