Salty's Surfshop reported Net Sales of $258,000,Cost of Goods Sold of $110,500,Operating Expenses of $62,400,and Income Tax Expense of 21,600.Salty's gross profit margin percentage was:

Question

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Gross profit margin percentage is calculated as (Net Sales - Cost of Goods Sold) / Net Sales * 100. For Salty's Surfshop, it is (($258,000 - $110,500) / $258,000) * 100 = 57.17%.

Salty's Surfshop Reported Net Sales of $258,000,Cost of Goods Sold