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Use the following to answer questions 22 29

GHT Corporation reports the following amounts in its December 31, 20XD income statement:

Cost of goods sold	$614,200	Net sales	$964,300
Sales discounts	11,000	Advertising expense	42,000
Salaries expense	195,000	Utilities expense	12,000
Interest expense	1,000	Effective income tax rate	21%

22. $____________Determine Sales

23. $____________Determine gross profit

24. $____________Determine operating expenses

25. $____________Determine Income before income taxes (IBT)

26. $____________Determine Income tax expense

27. $____________Determine net income

28. ___ ___.___% Calculate gross profit ratio (round to one decimal place).

29. _____________Comparing GHTs common sized income statement with its competitor. The competitors gross margin is 35.0%, which company is doing better?