(07) The following selected information is available for Middleton Wholesalers for September 2016 Purchases 5 73 100 Sales 134 800 Freight inwards 1560 Discount received Beginning inventory. 1 September 2016 52 200 Ending inventory. O September 2016 31000 Purchases returns and allowances 1040 Sales returns and allowances 2 500 Freight outwards 540 Rent expense 1 300 Sales salaries expense 11 100 Discount allowed 2730 Depreciation expense - office equipment 100 Office supplies expense Office salaries expense 10 100 Advertising expense 1900 Insurance expense Required A Prepare the detailed income statement for the month ended 30 September 2016 8. Calculate and explain the ratio of gross profit to net sales and express as a percentage c Calculate and explain the ratio of profit to net sales and express as a percentage 310