Salaries expense $275,000 Sales revenue Cost of goods sold 485,000 Interest income Sales returns 10,000 Interest expense Utilities expense 8,000 Rent Expense Income tax expense 22,000 Inventory (begin) Bad debt expense 3,000 Inventory (end) Determine: 1. Gross profit $ 2. Operating income $ 3. Purchases $ 4. Gross profit ratio (two decimal places) __% $900,000 10,000 4,000 14,000 38,000 44,000 Use the following for 5 Beginning inventory Purchase 1 Purchase 2 The company sold 415 units Units 25 200 200 Cost per unit $80.00 $81.00 $81.50 5. Determine ending inventory using LIFO: $