If a company has sales of $680000 and cost of goods sold of $435200, the gross profit margin is O 36%.O 64%.O 18%.O 100%. Which of the following is not one of the steps in the five-step model when goods are being sold? O Identify the performance obligation(s).O Identify the contract.O Determine the transaction price. O Recognize revenue when it has been earned. Gross profit equals the difference between sales andO operating expenses.O cost of goods sold plus operating expenses.O cost of goods sold.O net income. Inventory becomes part of the cost of goods sold when a company O purchases the inventory.O receives payment from the customer.O sells the inventory. O pays for the inventory