Use the following to answer questions 16 – 20 Operating expense $8,100 Beginning inventory $950 Ending inventory $375 Net Sales $40,000 Gross profit $15,000 Determine the following amounts based on the above data: 16. 16. Cost of Goods sold $____________ 17. 17. Goods available for sale $____________ 18. 18. Purchases $____________ 19. 19. Net operating income $____________ 20. 20. Gross profit ratio ___ ___.___% (rounded) DO NOT INCLUDE % sign in your answer Use the following to answer questions 21 – 24 Net Sales $465,200 Purchases $290,000 Ending inventory $12,100 Cost of goods sold $282,000 Net operating income $46,100 21. 21. Gross profit $____________ 22. 22. Goods available for sale $____________ 23. 23. Beginning inventory $____________ 24. 24. Operating expenses $____________ Gross Profit 25. 25. This month JTL sells 2,000 units of product XTK-45 for $61.50 per unit. For every unit sold it costs the company an average of $36.25 per unit; what is JTL’s gross profit? $__________________