8 Income Statement For The Year Ended December 31, 2020 Net Sales $1,000,000 Cost of goods sold 435,000 Selling expense 135,000 Administrative expenses 60,000 Income from operations 370,000 Interest expense 11,000 Income before tax 359,000 Income tax 107,700 Net income Gross Profit Margin = Gross Profit / Net Sales $251,300 56.5% B 43.5% None of the above 25.13%