Katz Group
Katz Group Had the Following Income Statement for the Month

Multiple Choice

Katz Group
Katz Group had the following income statement for the month of May. $\begin{array}{lr}\text { Sales revenue } & \$ 428,000 \\\text { Cost of goods sold } & 205,440 \\\text { Gross margin } & 222,560\\\text { Less: }\\\text { Selling expenses } & 81,32 0\\\text { Administrative expenses } & 72,760\\\text { Operating income }&\$68,480\end{array}$
-Refer to Katz Group. What was the cost of goods sold percentage?

A) 19%
B) 48%
C) 52%
D) 100%