Blossom Industries reported net sales totaling $3264000 during the year. The company's gross profit rate was determined to be 38%. Which statement is true? The company generated $1240320 of net income during the year. The company generated 38 cents of net income out of each dollar of assets owned by the company. O The inventory cost is 38% of the sales price of the inventory items. The company generated 38 cents out of every sales dollar that is available to cover its operating expenses and contribute to profit.

3lossom Industries reported net sales totaling $3264000 during the year. The company's gross profit rate was determined to be 38%. Which statement is true? The company generated $1240320 of net income during the year