Operating, selling $62,00 $20,67 Rent expense $13,00 $4,33 Less: Sales discounts given $7.00 $2.33 Plus: Purchase discounts taken $2,00 $2,59 Operating profits $20,00 $8.59 Interest expense Earnings before taxes $20,00 $8.59 Taxes" $8,00 $3.43 Earnings after taxes $12,00 $5,15 Dividends $6.00 $2.08 Retained earnings $6.00 $3.07 PURCHASE CALCULATION 1998 Apr-98 (3months Beginning inventory $263,00 $297,00 Plus : Purchases $388,00 $129,33 $651,00 $426.33 Less : Ending inventory $297,00 $308,33 Equals : Cost of goods sold $354,00 $118,00