Use the Following Selected 2019 Balance Sheet and Income Statement

Multiple Choice

Use the following selected 2019 balance sheet and income statement information for Life Improvements Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. $$\begin{array} {| c | c | c | c | c| } \hline \text { Net income } & \begin{array} { c } \text { Gross profit } \\\text { on sales }\end{array} & \begin{array} { c } \text { Average } \\\text { total assets }\end{array} & \text { Sales } & \begin{array} { c } \text { Tax rate on } \\\text { operating profit }\end{array} \\\hline \mathbf { \$ 2 7 9 , 0 4 0 } & \mathbf { \$ 2 , 1 0 1 , 2 0 0 } & \mathbf { \$ 1 , 0 8 1 , \mathbf { 0 0 0 } } & \mathbf { \$ 2 , 7 1 3 , 0 0 0 } & \mathbf { 3 5 \% } \\\hline\end{array}$$

A) 50.34%
B) 77.45%
C) 10.31%
D) 51.63%