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Calculate the gross profit margin for InnoTech Industries for the year 2022 using the following data: Sales Revenue: $800,000 Cost of Goods Sold: $400,000 Show

Calculate the gross profit margin for "InnoTech Industries" for the year 2022 using the following data:

Sales Revenue: $800,000

Cost of Goods Sold: $400,000

Show all calculations and provide explanations for your answers.

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