From the book financial accounting for undergraduates third edition chp 5 problem P5-5A, answer the following:

Kolby Enterprises reports the following information on its income statement: Net sales Cost of goods sold 150,000 Other income Selling expenses 50,000 Other expense 250,000 Administrative expenses $10,000 15,000 10,000 Calculate Kolby's gross profit percentage and return on sales ratio. Kolby is planning to add a new product and expects net sales to be $45,000 and cost of goods to be $38,000. No other income or expenses are expected to change. How will this affect Kolby's gross profit percentage and return on sales ratio? Round all answers to 1 decimal place.) Gross Profit Percentage 96 Return on Sales IF NEW PRODUCT IS MADE Gross Profit Percentage 96 96 Return on Sales 96