Atif Corp. is a manufacturing company that produces electronic devices. They purchase raw materials from suppliers and convert them into finished products. The company operates in multiple countries and has subsidiaries in different regions. ABC Corp. has just completed its fiscal year and is preparing its financial statements for external reporting.

Compute the Gross Profit Margin for ABC Corp. for the fiscal year ended December 31, 2023. The company reported net sales of $5,000,000, and the COGS calculated in Question 1 was $3,100,000. Use the formula: Gross Profit Margin = (Net Sales - COGS) / Net Sales * 100%.