Calculate the Gross Profit Margin given the following data:

XYZ Company

Income Statement

For the Year Ended December $31,2023$

XYZ Company

Balance Sheet

As of December $31,2023$

Assets

Revenue

$$550,000$

Cash

$$75,000$

Cost of Goods Sold $($COGS$)$

$$210,000$

Accounts Receivable

$$80,000$

Gross Profit

$$340,000$

Inventory

$$120,000$

Total Current Assets

$$275,000$

Operating Expenses:

Property, Plant, & Equipment

$$255,000$

Selling and Admin Expense

$$90,000$

Total Assets

$$530,000$

Depreciation Expense

$$25,000$

Total Operating Expenses

$$115,000$

Liabilities

Accounts Payable

$$75,000$

Operating Income

$$225,000$

Short$-$Term Loans Payable

$$35,000$

Total Current Liabilities

$$110,000$

Interest Expense

$$30,000$

Long$-$Term Accounts Payable

$$190,000$

Income Before Taxes

$$150,000$

Total Liabilities

$$300,000$

Net Income

$$100,000$

Shareholders Equity

Common Stock

$$80,000$

Retained Earnings

$$150,000$

Total Shareholders Equity

$$230,000$

Total Liabilities & Shareholders Equity

$$530,000$

Question $3$Answer

a$.$

$2\mathrm{.}5$

b$.$

$0\mathrm{.}62$

c$.$

$0\mathrm{.}29$

d$.$

$0\mathrm{.}75$