18. Bill's Fruit Corporation is a merchandising company. Selected account balances are listed below: Sales $325,000 Purchases 123,500 Beginning Inventory 6,000 Ending Inventory 11,000 Operating Expenses 65,000 Income Tax Expense 5,000 Beginning Retained Earnings 31,500 Dividends 6,500 What is the Cost of Goods Sold? a. 150,000 b. 118,500 C. 128,500 d. 183,500 19. Refer to #18 above. What is Bill's Fruit Corporation gross profit margin ratio? a. 38% b. 42% 58% d. 64% C