A Company Has Sales of $1,500,000,sales Discounts of $102,000,sales Returns

Multiple Choice

A company has sales of $1,500,000,sales discounts of $102,000,sales returns and allowances of $123,000,shipping charges of $15,000,sales commissions of $34,000,net income of $263,500,and cost of goods sold of $420,000.What is the gross profit/margin ratio?

A) 72.0%
B) 53.7%
C) 67.1%
D) 81.7%
E) 17.6%