Financial statement data for Pat's Pigpens, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the ycar ending December 31, 2018 and use your constructed statement to answer the following 4 questions. Advertising Beginning of year inventory Depreciation End of year inventory General and administrative expenses Gross sales Interest expense Lease payments Management salaries Purchases Research and development Returns and allowances Taxes 399,500 2,478,900 200,100 2,358,700 1,487,500 14,258,900 274,500 598,400 2,898,700 5,978,600 357,800 32,500 875,600 1. What was gross profit from Pat's Pigpens' income statement for the year ending December 31, 2018? 2. What was operating profit (i.e., EBIT) from Pat's Pigpens' income statement for the year ending December 31,2018? 3. What was profit before taxes (i.e., EBT) from Pat's Pigpens, income statement for the year ending 4. What was net income from Pat's Pigpens' income statement for the year ending December 31, 2018? 5. Bennings, Inc. paid out total dividends equal to $11,241,200 in 2018. If Jennings reported Retained December 31,2018? carnings of $320,868,600 for 2017 and Retained earnings of $350,290,000 for 2018, what was Jennings reported net income in 2018? 6. In 2018, Variman, Incorporated had Gross Accounts receivable of S6,456,100 and management estimated the Allowance for Doubtful accounts to be S320,600. Compute the ratio of Allowance of Doubtful accounts to Net Accounts receivable for Variman, Inc. for 2018 (that is, compute Allowance/Net Accounts receivable record your answer as a percent rounded to one decimal place; for example, record 0.234567 as 23.5%). 7. In 2018, the Whaddock Company purchased 745,000 units from its supplier at a cost of $160.00 per unit. Whaddock sold 625,000 units of its product in 2018 at a price of $220.00 per unit. Whaddock began 2018 with 125,000 units in inventory (inventory is carried at a cost of S160.00 per unit). Using this information, compute Whaddock's gross profit for 2018. 8. Referring back to the previous question, compute Whaddock's 2018 ending inventory balance in dollars (valued at cost per unit of $160.00). 9. In 2018, Timmers, Inc. (a retail clothing company) sold 57,200 units of its product at an average price of S250.00 per unit. The company reported estimated returns and allowances in 2018 of 1.65 percent of gross revenue. Timmers actually purchased 59,500 units of its product from its manufacturer in 2018 at an average cost of $180.00 per unit. Timmers began 2018 with 8,250 units of its product in inventory (carried at an average cost of S180.00 per unit). Operating expenses (excluding depreciation) for Timmers, Inc. in 2018 were $718,600 and depreciation expense was S310,000. Timmers had $3,000,000 in debt outstanding throughout all of 2018. This debt carried an average interest rate of 5.5 percent. Finally, Timmers' tax rate was 40 percent. Timmers' fiscal year runs from January 1 through December 31. Given this information, compute net income for Timmers for 2018 10. Referring back to the previous problem, compute Timmers' ending inventory balance for 2018 (that is, what did Timmers report as inventory on its December 31, 2018 balance sheet)