$720,000 387,000 8,400 25,000 20,000 Salaries expense $245,000 Sales revenue Rent Expense 15,000 Cost of goods sold Sales returns 20,000 income tax expense Utilities expense 16,000 Interest expense 1,100 Inventory (begin) Interest income 4,200 Inventory (end) Determine: 1. Net sales $ 2. Gross profit $ 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) $ 6. Net income $ 7. Purchases $ 8. Gross profit ratio (two decimal places). _% Use the following for 9 and 10 Units Beginning inventory 100 Purchase 1 500 Purchase 2 500 The company sold 1,090 units Cost per unit $25.00 $26.00 $27.00 9. Determine ending inventory using FIFO: $ 10. Determine ending inventory using LIFO: $