Martinez Inc. purchases its inventory on credit and uses a perpetual inventory system. The company began operations on January 1, 2021, and during 2021 purchased merchandise costing $310,000. Of this amount, 80% was paid in 2021 with the balance paid in 2022. The company sold 80% of its inventory for $640,000 on credit. Of this amount, 60% was collected in 2021 with the rest collected in 2022. Operating expenses of $100,000 were incurred in 2021 and all were paid by the end of the year. The income tax rate is 30% and all income taxes relating to 2021 were paid in 2022.

Martinez Inc purchases its inventory on credit and uses a perpetual inventory system. The company began operations on January 1. 2021, and during 2021 purchased merchandise costing $310.000. Of this amount, 8096 was paid in 2021 with the balance paid in 2022. The company sold 80% of its inventory for $640.000 on credit. Of this amount, 609 was collected in 2021 with the rest collected in 2022. Operating expenses of $100.000 were incurred in 2021 and all were paid by the end of the year. The income tax rate is 30% and all income taxes relating to 2021 were paid in 2022. (a-d) The following table indicates key amounts on the 2021 financial statements: Calculate the missing amounts for all items. 2021 Statement of income data Sales [1] $ Cost of goods sold $ Gross profit [3] $ Operating expenses $ Income before income tax [5] $ Income tax expense 16 $ [7] $ [8] $ Net income Statement of financial position data Accounts receivable Inventory Accounts payable Income tax payable [9] $ [10] $ [11] $ Save for Later Attempts: 0 of 3 used Submit Answer Question Part Score --/11 (e) Calculate the gross profit margin and profit margin for the company. (Round all amounts to 1 decimal place, eg. 5.2%) 2021 Gross profit margin 96 Profit margin