Use the following to answer questions 23 - 30

PJ Corp. reported the following income statement results:

Sales $987,400

Sales returns & allowances 7,400

Gross profit 378,280

Operating expense 264,500

Gain on sale of equipment 30,000

Net income 99,960

Question 16

23. $____________Calculate Net sales

Question 17

24. $____________ Calculate Cost of Goods Sold

Question 18

25. $____________ Calculate operating income

Question 19

26. $____________Calculate Income before Income tax (IBT)

Question 20

27. $____________ Calculate income tax expense

Question 21

28. ___ ___. ___%. Calculate the gross profit margin

Question 22

29. ___ ___.___%. Calculate the net profit margin (one decimal place)

Question 23

30. $______________Assume the company had a loss on the sale of equipment of $8,000; determine IBT.