Net Sales $900,000 Gross profit $405,000 Beginning inventory $25,000 Purchases $480,000 Operating expense $340,000 Average tax rate 22% Cost of goods sold: Ending inventory: Operating income: [Choose ] $10,000 7% $505,000 $25,000 $198,000 $380,000 $65,000 $89,100 $140,000 $14,300 $430,000 $420,000 22% 45% $108,900 82% $560,000 $495,000 Income tax expense: Gross profit ratio