Consider the following income statement data for Sandhill Inc.: 2024 2023

Sales revenue 98,00 88,200

Less: Cost of goods sold 46,400 55,100

Gross profit 51,900 33,100

Less: Selling and administration costs 23,900 18,800

Net Income 2024 $28,000 and 14,300 in 2023. what was the 2024 profit margin closest to?

A)24.3%

B) 28.5%

C)52.8%

D) 16.2%