1. Friar Company discloses the following information for the year ended October 31, 2017 Sales Sales discount Sales Returns Merchandising Inventory(beginning of period) | Invoice cost of merchandise purchases $355,000 5.500 14,000 31,000 | 178,000 Purchase discounts Purchase Returns and allowances Cost of transportation in Gross profit from Sales Profit 3,600 16.000 11,000 142,000 65,000 Calculote-(a) Total Operating Expenses (b) Cost of Goods sold (c) Merchandise Inventory (end of period) (0) Gross profit ratio (round to ho decimal places) 12 marks