ABAC Farms' net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio equals: 5%. 9.6% 35%. 65%. 285.7%. ABAC Farm's gross profit (or gross margin) was $83,750 and its net sales were $347,800. Its gross margin ratio is: 4.2%. 24.1%. 75.9%. $83,750. $264,050