Use the following to answer questions 18-21 The company begins the year with inventory of $15,000 and ends the year with inventory of $13,000. During the year, the following amounts are recorded Sales Sales returns & allowances Sales discounts Purchases Operating expenses $789,000 4,000 12,000 420,000 295,000 18. S Net Sales 19. $ Calculate cost of goods sold 20. S. Gross profit 21. _X Gross profit ratio (rounded to one decimal place) Use the following to answer questions 22 - 29 The company reports the following amounts in its December 31, 20XD income statement: Interest expense $12,000 Net sales $800,000 Sales discounts 15,000 Utilities expense 12,000 Salaries expense 295.000 Advertising expense 50,000 Cost of goods sold 420,000 Effective income tax rate 20% I 22. S _Determine Sales 23. S. _Determine gross profit 24. $ _Determine operating expenses 25$ _Determine Income before income taxes (IBT) 26. $ _Determine Income tax expense 27. $ _Determine net income 28. % Calculate gross profit ratio (one decimal places). 29. Comparing the company's common sized income statement with its competitor. The competitor's gross margin is 45.0%, which company is doing better