Salaries expense	$125,000	Sales revenue	$580,000
Sales returns	5,000	Interest income	1,000
Utilities expense	15,000	Cost of goods sold	275,000
Income tax expense	10,000	Rent Expense	110,000
Cash	12,000	Interest expense	4,000
Inventory (begin)	8,000	Inventory (end)	12,000

Determine:

1. Net sales $______

2. Gross profit $______

3. Operating expenses $______

4. Operating income $______

5. Pretax income (IBT) $______

6. Net income $______

7. Purchases $______

8. Gross profit ratio (two decimal places) __ __. __ __%

Use the following for 9 and 10

	Units	Cost per unit
Beginning inventory	200	$10.00
Purchase 1	500	$10.30
Purchase 2	300	$11.00

The company sold 920 units

9. Determine ending inventory using FIFO: $_________

10. Determine ending inventory using LIFO: $_________