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 $950,000 125,000 221,000 Utilities expense 32,500 5,000 Effective income tax rate 20% 22. S Determine Sales 23. S Determine gross profit 24. S Determine operating expenses 25. S Determine Income before income taxes (IBT) 26. S Determine Income tax expense 27. S 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?