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Calculate the followings Salaries expense Sales returns Utilities expense Income tax expense Interest expense $415,000 Sales revenue 10,000 Interest revenue 5,000 Cost of goods sold

Calculate the followings

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Salaries expense Sales returns Utilities expense Income tax expense Interest expense $415,000 Sales revenue 10,000 Interest revenue 5,000 Cost of goods sold 22,000 Rent Expense 2,000 Beginning inventory Purchase 1 Purchase 2 Determine: 1. Gross profit 2. Operating income 3. Income before tax 4. Net income 5. Purchases $ 6. Gross profit ratio (two decimal places) $ $ $ Inventory (begin) Inventory (end) $ $975,000 5,000 450,000 12,000 Units Cost per unit 100 $50.00 400 $51.00 300 $53.00 The company has 10 units remaining on December 31st 7. Determine ending inventory using FIFO: $ 8. Determine ending inventory using LIFO: $ % 30,000 20,000

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