Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 Net sales 12,000 Advertising expense 285,000 Utilities expense 3,000 Effective income tax rate $875,000 95,000 7,500 20% 22.$__ _Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) _Determine Income tax expense 27. $___ _Determine net income 28. --- % Calculate gross profit ratio (round to one decimal place)