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The Third Corporation reported the following information for its year ended March 31. ...

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Question

Accounting

The Third Corporation reported the following information for its year ended March 31.

Sales

$80,000

Cost of goods sold

$30,000

Gross Profit

$50,000

Operating expenses

$40,000

Income before taxes

$10,000

Income taxes expense

$3,500

Net income

$6,500

Determine the companys gross profit percentage for the year ended March 31.

a. 37.5%

b. 100.0%

c. 160.0%

d. 62.5%

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