Amounts from Toy World's income statement are presented below. 2020 Sales Income tax expense General and administrative expenses $2,000,000 240,000 380,000 600,000 520,000 Cost of goods sold Selling expenses Compute Toy World's gross profit. $260,000 $880,000 $1,160,000 $1,400,000 Amounts from Toy World's income statement are presented below. 2020 Sales Income tax expense General and administrative expenses $2,000,000 240,000 380,000 600,000 520,000 Cost of goods sold Selling expenses Compute Toy World's gross profit ratio. (round to the nearest tenth of 1 percent) 44% 85% 70% 58%