Short Exercises 5-7 and 5-3 lan Company Income Statement Month Ended January 31, 2019 Net Sales Cost of Goods Sold Gross Profit on Sales Operating Expenses Income from Operations Other Income Income before tax Income Tax expense Net Income Gross Profit Percentage SE 5-8 Return on Sales Ratio (Profit Margin) SE5-7. Gross Profit Percentage Using the data below, compute Ian's gross profit percentage for the month of January L04 Net sales.................................................................. Cost of goods sold ...................................... . ..******* Cperating expenses.... ***.......................................... Other income... Income tax expense..... $12,000 3,000 7,000 500 1,000 SE5-8. Return on Sales Ratio Using the data in SE5-7, compute lan's return on sales ratio for the month of January L04