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QS 5-16 Gross profit ratlo L06 Willaby Company had net sales of $248,000 and cost of goods sold of $114,080. Calculate and interpret the gross profit ratio, assuming the gross profit ratio for the industry is an average of 53%. *QS 5-27 Sales tax on sales-periodic L07,8 On March 17, Dolomite Sales sold merchandise on credit for $5,800 (cost of sales $5,000). Assuming 7% PST and 5% GST, record the entry on March 17. Assume a periodic inventory system