Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $910,000 Advertising expense $75,800 Net sales 885,000 Salaries expense 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25,000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000 27. $ Determine gross profit: 28. $ Determine operating expenses 29. $. Determine Income before income taxes (IBT): 30. $ Determine net income: 31 % Calculate gross profit ratio (one decimal place) % Calculate the profit margin (two decimal places) 33. S 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? 32