Continued on the next page Use the following to answer questions 23 - 30 PMJ Corp. reported the following income statement results: Sales Sales returns & allowances $800,000 2,000 Gross profit 344,700 Operating expense 215,300 Gain on sale of equipment 4,000 Net income 94,900 23. $ 24. $ 25. $ 26. S (IBT) 27. $ 28. Calculate Net sales Calculate Cost of Goods Sold Calculate operating income Calculate Income before Income tax Calculate income tax expense 29. (one decimal place) decimal place) 30. S %. Calculate the gross profit margin %. Calculate the profit margin (one Assume the company had a loss (instead of the gain) on the sale of equipment of $2,000; determine IBT.