ST reports the following income statement results: Sales $700,000 Operating expense 221,575 Net income 48,800 Sales returns & allowances 25,000 Gross profit 282,825 Interest expense 250 34. $ Calculate Net sales: 35. $ Calculate Cost of Goods Sold 36. $ _Calculate operating income 37. $ Calculate Income before Income tax (IBT) 38. 39. %. Calculate the gross profit margin (one decimal place) %. Calculate the net profit margin (one decimal place)