Question: Presented below is financial information for two different companies. Instructions (a) Determine the missing amounts. (b) Determine the gross profit rates. (Round to one decimalplace.)

Presented below is financial information for two different companies.

Instructions
(a) Determine the missing amounts.
(b) Determine the gross profit rates. (Round to one decimalplace.)

Lee Company n Company $90,000d $ 5,000 98,000 Sales revenuc Sales returns Net sales Cost of goods sold Gross profit Operating expenses Net incomc 81,000 56,000 37,500 12,000 15,000

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