A business has the following general ledger balances: Sales, $1,000,000; Sales returns and allowances, $50,000, Cost of goods sold, $600,000, Operating Expenses, $200,000; and Profit, $150,000. What are the gross profit and profit margins of the business? Select one: O O a. gross profit, 38.9%, and profit margin, 37.9% b. gross profit, 33.6%%, and profit margin, 12.6% c. gross profit, 36.8%, and profit margin, 15.8% d. gross profit, 35.0%, and profit margin, 15.0% e. gross profit, 37.5%, and profit margin, 16.5% O Next page