Island Industries reported Net Sales of $306,000,Cost of Goods Sold of $192,600,Operating Expenses of $58,900,and Income Tax Expense of 12,300.Island Industries' gross profit margin percentage was:

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Gross profit margin percentage = (Gross profit / Net sales) * 100Gross profit = Net sales - Cost of goods soldGross profit = $306,000 - $192,600 = $113,400Gross profit margin percentage = ($113,400 / $306,000) * 100 = 37.06%

Island Industries Reported Net Sales of $306,000,Cost of Goods Sold