A business has the following general ledger balances: Sales, $900,000; Sales returns and allowances, $50,000, Cost of goods sold, $500,000, Operating Expenses, $150,000; and Profit, $200,000. What are the gross profit and profit margins of the business? Select one: a gross profit, 38.9%, and profit margin, 22.2% ob.gross profit, 40.1%, and profit margin, 24.8% c. gross profit, 41.1%, and profit margin, 23.5% d. gross profit, 36.9%%, and profit margin, 20.2% e. gross profit, 43.5%, and profit margin, 25.5%