G Co, Which Is a Biotechnology Firm, Reported the Following Revenues

Multiple Choice

G Co., which is a biotechnology firm, reported the following revenues on their 2013 income statement: Product sales $582.2 million, Royalties $214.7 million, Contract revenue $107.0 million and Interest income $64.1 million. Their cost of sales was reported as $104.5 million. What was their gross profit percentage?

A) 88.4%
B) 89.2%
C) 82.1%
D) 86.9%