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  3. 1. culver corporation reported net sales $715,000,

1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000,...

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Accounting

1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to 0 decimal place, e.g. 10%.)

Profit margin enter profit margin in percentages rounded to 2 decimal places %
Gross profit rate enter gross profit rate in percentages rounded to 0 decimal %

2. Presented here are the components in Sheridan Companys income statement. Determine the missing amounts.

Sales Revenue

Cost of Goods Sold

Gross Profit

Operating Expenses

Net Income
$ 65,504 $enter a dollar amount (b) $ 27,600 $enter a dollar amount (d) $11,132
$99,360 $64,400 $enter a dollar amount (c) $enter a dollar amount (e) $27,140
$enter a dollar amount (a) $66,148 $100,832 $42,504 $enter a dollar amount (f)

3. Ivanhoe Company provides this information for the month ended October 31, 2022: sales on credit $324,000, cash sales $162,000, sales discounts $5,400, and sales returns and allowances $20,520. Prepare the sales section of the income statement based on this information.

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