Your Firm Has the Following Income Statement Items: Sales of $52,000,000;

Multiple Choice

Your firm has the following income statement items: sales of $52,000,000; income tax of $1,880,000; operating expenses of $9,000,000; cost of goods sold of $36,000,000; and interest expense of $800,000. Compute the firm's gross profit margin.

A) 13.5%
B) 8.3%
C) 30.8%
D) 69.2%