5. Consider the following income statement data for Boris Inc.: 2020 Sales revenue $97,300 Less: Cost of goods sold 45,600 Gross profit 51,700 Less: Selling and administration costs 22,500 Net Income $29,200 What was the 2020 net profit margin before income tax closest to? a) 16.8% b) 23.1% c) 30.0% d) 53.1% e)None of the above Answer: 2019 $86,200 53,400 32,800 18,300 $14.500