Litten Corporation's most recent income statement appears below:
Sales (all on account)..........................$791,000
Cost of goods sold...............................412,000
Gross margin.....................................379,000
Selling and administrative expense...............214,000
Net operating income.............................165,000
Interest expense..................................34,000
Net income before taxes..........................131,000
Income taxes......................................40,000
Net income........................................91,000
The gross margin percentage is closest to:
A) 92.0%
B) 416.5%
C) 24.0%
D) 47.9%