Help

Profitability Analysis Ashley Enterprises reports the following information on its income statement: Net sales Cost of goods sold Selling expenses $520,000 Administrative expenses $100,000 110,000 90,000 290,000 Other income 120,000 Other expense Required Calculate Ashley's gross profit percentage and return on sales ratio. Ashley is planning to add a new product and expects net sales to be $30,000 and cost of goods to be $25,000. No other income or expenses are expected to change. How will this affect Ashley's gross profit percentage and return on sales ratio? (Round all answers to 1 decimal place.) Gross Profit Percentage 44.2 % Return on Sales 0.05 % IF NEW PRODUCT IS MADE Gross Profit Percentage x% Return on Sales Check Partially correct Marks for this submission: 1.00/4.00