4. Gross profit ratio (two decimal places) %

Salaries expense Sales returns Utilities expense Income tax expense Inventory (begin) Determine: 1. Gross profit 2. Operating income 3. Purchases $116,000 10,000 8,000 28,000 30,000 sales revenue Interest revenue Cost of goods sold Rent Expense Interest expense Inventory (end) $700,000 2,200 440,000 12,000 200 20,000 4. Gross profit ratio (two decimal places)