38Quest

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the companys adjusted trial balance.

Accounts Payable	$10,000
Accounts Receivable	11,000
Inventory	20,000
Advertising Expense	12,000
Cost of Goods Sold	89,000
Delivery Expense	6,000
Income Tax Expense	2,000
Insurance Expense	1,000
Rent Expense	12,000
Sales Revenue	160,000
Sales Discounts	11,000
Sales Returns & Allowances	19,000

Use the information above to answer the following question. The gross profit percentage would be closest to: _____ %

A) 25.6%

B) 31.5%

C) 55.6%

D) 68.5%