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Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales Net sales
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 $1,165,000 1,152,300 30,000 12,700 3,000 Advertising expense Salaries expense Cost of goods sold Utilities expense Average shares outstanding $125,400 261,625 614,175 10,450 100,000 Determine gross profit: Determine operating expenses: Determine Income before income taxes (IBT): 31. _ Determine net income: Calculate gross profit ratio (one decimal place) _%. 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 $36,000 how much inventory was purchased during the year
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