Culver Corporation had net sales revenue of $5,750,000 and investment revenue of $224,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows:

Cost of goods sold		$4,610,000
Salaries and wages expense (sales)		442,000
Advertising expense		121,000
Entertainment expense		79,000
Selling expenses		642,000
Salaries and wages expense (administrative)		290,000
Rent expense		104,000
Utilities expense		43,000
Administrative expenses		437,000
Increase in value of company reputation		74,000
Unrealized gain on value of patents		37,000
Interest expense		172,000
Income tax expense		85,000

Culver has 100,000 common shares outstanding throughout the year.

1. Prepare a multiple-step income statement for Culver Corporation, showing expenses by function. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.75.)

Culver Corporation Income Statement choose the accounting period December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020
enter an income statement item				$enter a dollar amount
enter an income statement item				enter a dollar amount
select a summarizing line for the frist part Income From OperationsIncome Before Income TaxNet Income / (Loss)Other Revenues and GainsEarnings Per ShareGross Profit / (Loss)Other Expenses and LossesOperating Expenses				enter a total amount for the first part
select an opening name for section one Earnings Per ShareIncome From OperationsIncome Before Income TaxOther Expenses and LossesGross Profit / (Loss)Net Income / (Loss)Other Revenues and GainsOperating Expenses
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
				enter a subtotal of the two previous amounts
select a summarizing line for the second part Income Before Income TaxEarnings Per ShareOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Income / (Loss)Gross Profit / (Loss)Operating Expenses				enter a total amount for the second part
select an opening name for section two Gross Profit / (Loss)Income Before Income TaxNet Income / (Loss)Earnings Per ShareOperating ExpensesIncome From OperationsOther Revenues and GainsOther Expenses and Losses
enter an income statement item				enter a dollar amount
				enter a subtotal of the two previous amounts
select an opening name for section three Gross Profit / (Loss)Other Revenues and GainsOther Expenses and LossesEarnings Per ShareOperating ExpensesIncome Before Income TaxNet Income / (Loss)Income From Operations
enter an income statement item				enter a dollar amount
select a summarizing line for the third part Earnings Per ShareOther Revenues and GainsGross Profit / (Loss)Other Expenses and LossesOperating ExpensesIncome From OperationsIncome Before Income TaxNet Income / (Loss)				enter a total amount for all three parts
enter an income statement item				enter a dollar amount
select a closing name for this statement Other Expenses and LossesOther Revenues and GainsOperating ExpensesIncome From OperationsEarnings Per ShareIncome Before Income TaxNet Income / (Loss)Gross Profit / (Loss)				$enter a total net income or loss amount
select an income statement item Net Income / (Loss)Income Before Income TaxEarnings Per ShareOperating ExpensesOther Revenues and GainsGross Profit / (Loss)Income From OperationsOther Expenses and Losses				$enter a dollar amount

2.

Assume the average market price for the common shares is $6.16. What is Culvers price-earnings ratio?