QUESTION 1 9 points Save Answer P&L Scenario 1 (9 points) - (a) Fill in the following missing amounts in the proper places on the operating statement of Wonderful Class Productions: Sales Returns & Allowances = $20,000; Cash Discounts Given = $15,000; Cash Discounts Earned = $10,000; Opening Inventory at Cost = $50,000. Then, calculate Net Sales, Goods Available for Sale, Cost of Goods Sold, Gross Profit Margin (GPM) in dollars, and Net Operating Profit. (b) What is the GPM percentage of the company? WONDERFUL CLASS PRODUCTIONS Revenues: Gross Sales $500,000 Less: Net sales Cost of Goods Sold: Purchases at billed cost 150,000 Goods Available for Sale (75,000) Closing Inventory at cost Cost of Goods Sold Gross Profit Margin (GPM) Operating Expenses: Salaries 80,000 Purchases at billed cost 150,000 Goods Available for Sale Closing Inventory at cost (75,000) Cost of Goods Sold Gross Profit Margin (GPM) Operating Expenses: Salaries 80,000 Rent 60,000 Advertising 50,000 Other expenses 30,000 Total Operating Expenses (220,000) Net rating Profit (b) What is the GPM percentage of the company? Place your calculations below and underline your