3.	Compute the gross profit percentage.

(#8 might be wrong...)

The following information applies to the questions displayed below] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format): BIG TOMMY CORPORATION Profit and Loss December 31 Credit 370,000 Debit Sales Cost of Goods Sold Sales Returns and Allowances Sales Discounts Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit $255,000 7,900 5,400 52,000 11,500 1,000 11,160 26,040 Totals 370,000 $370,000