Presented Below Is the Income Statement for Nicklaus Company The Gross Profit Rate for Nicklaus Company Is:
A) 13

Presented below is the income statement for Nicklaus Company. $\begin{array}{ll}\text { Sales (only credit sales) } & \$ 1,606 \\\text { Less: Cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less: Operating expenses } & \underline{322.0} \\\text { Operating income } & \$ 222.0 \\\text { Less other expens e: Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less: Income tax expense } & \underline{85.0} \\\text { Net income } & \$ 127.4\end{array}$ The gross profit rate for Nicklaus Company is:

A) 13.8%
B) 23.4%
C) 51.2%
D) 33.9%