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Use the following to answer questions 27 34 Victory Corporation reports the following amounts in its December 31, 20XF income statement: Sales $1,941,800 Advertising expense S334,000 Net sales 1,909,000 Salaries expense 298,500 income tax expense 148,500 Cost of goods sold 777,600 Sales returns 32,800 Utilities expense 22,000 Interest revenue 18,500 Average shares outstanding 500,000 $ Determine net 30. income: 31. %. Calculate gross profit ratio (rounded to one decimal place) 32. %. Calculate the profit margin (rounded to one decimal place) 33. $ Calculate Earnings per Share (two decimal places) 34. $ _If ending inventory consisted of $95,000 and beginning inventory was $78,000 how much inventory was purchased during the year? Chapter 10 Page 10-1