The Third Corporation reported the following information for its year ended March 31.
Sales
$80,000
Cost of goods sold
$30,000
Gross Profit
$50,000
Operating expenses
$40,000
Income before taxes
$10,000
Income taxes expense
$3,500
Net income
$6,500
Determine the companys gross profit percentage for the year ended March 31.
a. 37.5%
b. 100.0%
c. 160.0%
d. 62.5%
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