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Question 4 (1 point) A company shows the following balances: Cost of goods sold$ 900,000 Income tax expense 27,600 Operating expenses 72,000 Sales2,000,000 Sales discounts 25.000 Sales returns and allowances225,000 What is the gross profit margin? 1) 42.5% O2) 48.6% 3) 49.3% 4) 55.0% Question 5 11 noint Question 5 (1 point) A company just starting in business purchased three merchandise inventory items at the following prices. March 2, $75; March 7, $80; and March 15, $90. If the company sold two units for $125 each on March 10 and March 20, and used the FIFO cost formula in a perpetual inventory system, the gross profit for March would be 1) $100 2) $95. 3) $90. 4) $75. Question 6 (1 point) If beginning inventory is understated by $10,000, the effect of this error in the current period is for Cost of Goods Sold and for Profit 1) Understated, Understated 2) Overstated, Overstated 3) Understated, Overstated O4) Overstated. Understated