Connie's Convenience Store had sales of $500,000 in the year. The gross margin was $300,000. Operating income was $100,000.

1. Companies in similar businesses expect a gross margin of 70% and an operating income as % of sales of 25%.
2. 
   
3. Required

(a) Calculate the gross margin %.
(b) Calculate the operating income as % of sales.
(c) Is Connie's Convenience Store doing well or doing badly?