A B C D F G H K P-3: Gross profit (L01) Swank Clothiers had sales of $383,000 and cost of goods sold of $260,000. a. What is the gross profit margin (ratio of gross profit to sales)? b. If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing? Given: Swank Industry Sales COGS 383000 260000 123000 0.25 -Gross Profit/Sales a) Gross Profit Margin: 0.32 b) Gross Profit 5 P-4: Operating profit (LO1) A-Rod Fishing Supplies had sales of $2,500,000 and cost of goods sold of $1,710,000. Selling and administrative expenses represented 10 percent of sales. Depreciation was 6 percent of the total assets of $4,680,000. What was the firm's operating profit (HINT: Admin Expenses Sales Percent Given; Dep Expense - Tot Assets" Percent Given) 7 Given: Sales Swank Industry On Own 8 COGS Gross Profit Margin: 9 Gross Profit b) 1234 67 LO CO 94 10 11 12 234 13 14