GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest revenue $525,000 Net sales 20,000 Advertising expense 221,000 Utilities expense 5,000 Effective income tax rate $950,000 125,000 32,500 2096 22. $_970,000 _Determine Sales 23. S__425,000 Determine gross profit 24. S___383,500 _Determine operating expenses 25. $ _Determine Income before income taxes (IBT) 26. $ _Determine Income tax expense 27.5 Determine net income 28, . --% Calculate gross profit ratio (round to one decimal place). 29. Comparing GHT's common sized income statement with its competitor. The competitor's gross margin is 43.6%, which company is doing better