The company reported the following income statement results: Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income $987,200 7,200 435,200 341,000 25,000 83,400 23. $. Calculate Net sales 24.$. Calculate Cost of Goods Sold 25. $ Calculate operating income 26. $ Calculate income before Income tax (IBT) 27. $ Calculate income tax expense 28. % Calculate the gross profit margin (one decimal place) %. Calculate the profit margin (one decimal place) 29. 30. $ determine IBT Assume the company had a loss instead of the gain) on the sale of equipment of $10,000