If for a firm the cost of goods sold is 40%, then what is the ge gross margin? A 20% B.30% C. 40% D 50% E 60% QUESTION 2 Use the following IS and balance sheets for ABC to calculate the operating profit margin for the year 2005. ABC Income Statement Ending Dec. 31st $1,800,000 1,080,000 720,000 180,000 500,000 80,000 40,000 90,000 3,000,000 1,800,000 1,200,000 300,000 500,000 80,000 320,000 Net Sales COGS Gross Profit Marketing Expenses General Administrative (G&A)Expenses EBIT 120,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers