Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales Net sales income tax expense Sales returns Gain on sale of equipment $900,000 Advertising expense 890,000 Salaries expense 18,900 Cost of goods sold 10,000 Utilities expense 15,000 Average shares outstanding $120,000 225,000 450,000 20,000 20,000 7. $ Determine gross profit: 8. $. Determine operating expenses: 29. $. Determine Income before income taxes (IBT): 30. $ Determine net income: 31. %. Calculate gross profit ratio (one decimal place) 32. %. Calculate the profit margin (two decimal places) 33. $. Calculate Earnings per Share (rounded to two decimal places) 34. $ _If ending inventory consisted of $45,000 and beginning inventory was $48,000 how much inventory was purchased during the year