Return on Sales Ratio Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage. 13 * % Profitability Analysis Erin Enterprises reports the following information on its year-end income statement: Net Sales $200,000 Operating Expenses $40,000 Cost of Goods Sold 110,000 Other Income 25,000 Required Calculate Erin's gross profit percentage and return on sales ratio. (Round answer to one decimal place.) Gross profit percentage = 45 % ~ Return on sales ratio = 25 % x 0 Recording PurchasesPerpetual System On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. Required a. Prepare the journal entries for July 1, July 5, and July 8. General Journal Date Description Debit Credit July 1 Inventory 2,500 Accounts Payable 2,500 ~ To record purchase of merchandise, terms 1/10, n/30. 5 Accounts Payable 1,000 0 Inventory or 1,000 To record returned merchandise. 8 Accounts Payable 1,500 0 Inventory 0 1,485 x Cash ov 15 x To record the paid amount due within the discount period for the July 1 purchase