1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to 0 decimal place, e.g. 10%.)

Profit margin		enter profit margin in percentages rounded to 2 decimal places %
Gross profit rate		enter gross profit rate in percentages rounded to 0 decimal %

2. Presented here are the components in Sheridan Companys income statement. Determine the missing amounts.

Sales Revenue			Cost of Goods Sold			Gross Profit			Operating Expenses			Net Income
$ 65,504			$enter a dollar amount	(b)		$ 27,600			$enter a dollar amount	(d)		$11,132
$99,360			$64,400			$enter a dollar amount	(c)		$enter a dollar amount	(e)		$27,140
$enter a dollar amount	(a)		$66,148			$100,832			$42,504			$enter a dollar amount	(f)

3. Ivanhoe Company provides this information for the month ended October 31, 2022: sales on credit $324,000, cash sales $162,000, sales discounts $5,400, and sales returns and allowances $20,520. Prepare the sales section of the income statement based on this information.