REVIEW: Use the following to answer questions 25 32

TRG Corp reports the following income statement results:

Gross profit $350,200

Interest expense 4,500

Sales discounts 13,500

Net Sales 850,000

Operating expense 225,000

Effective tax rate 35%

25. $____________Calculate sales.

26. $____________Calculate Cost of Goods Sold.

27. $____________Calculate operating income

28. $____________Calculate Income before Income tax (IBT)

29. $____________Calculate income tax expense.

30. $____________Calculate net income.

31. ___ ___.___% Calculate the gross profit margin (round to one decimal place):

32. ___. ___ ___ % Calculate the net profit margin (round to two decimal places):