19 1 pts Fashion Retailers, Inc.'s income statement for the year ended December 31, 20 xx8 included the following accounts: Sales. $72,000,000 Cost of goods sold $50,400,000 Selling expenses (tota 12,000,000 General and administrative expenses $8,000,000 Income tax expense. $480,000 What was the gross profit ratio for the year-ended December 31,20 xx8 ? 30.0% 1.6% 70.0% 5.2%