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Salaries expense $245,000 Sales revenue Sales returns 5,000 Utilities expense Interest income 10,000 Cost of goods sold Interest expense 4,000 Rent Expense Income tax expense

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Salaries expense $245,000 Sales revenue Sales returns 5,000 Utilities expense Interest income 10,000 Cost of goods sold Interest expense 4,000 Rent Expense Income tax expense 22,000 Inventory (begin) Inventory (end) Determine: 1. Gross profit $ 2. Pretax income (IBT) $ 3. Purchases $ 4. Gross profit ratio (two decimal places) ____ $750,000 20,000 400,000 18,000 24,000 20,000 % Use the following for 5 Beginning inventory Purchase 1 Purchase 2 The company sold 650 units Units 100 300 300 Cost per unit $20.00 $21.30 $21.50 5. Determine ending inventory using FIFO: $

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