Question: Presented below is financial information for two different companies. Determine the missing amounts. May Company Reed Company Sales revenue $98,790 $ (d) Sales returns $

Presented below is financial information for two different companies.

Determine the missing amounts.

May Company Reed Company

Sales revenue $98,790 $ (d)

Sales returns $ (a) $6,610

Net sales 89,830 104,600

Cost of goods sold 53,020 (e)

Gross profit (b) 44,850

Operating expenses 16,660 (f)

Net income (c) 15,900

Determine the gross profit rates. (Round answer to 1 decimal place, e.g. 25.2%.)

May Company Reed Company

Gross profit rate % %

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