IINCOME STATEMENT

For Period Ended April 30

Sales 92,500.00

Cost of Goods Sold 30,000.00

Gross Profit 122,500.00

Selling Expenses

Wages Expenses 33,750.00

Utilities Expenses 5,000.00

Depreciation Expenses 4,950.00

Miscellaneous Expenses 1,200.00

Total Selling Expenses 44,900.00

Administrative Expenses

Rent 24,000.00

Supplies Expense 3,150.00

Insurance Expense 2,900.00

Total Administrative Expenses 30,050.00

Total Operating Expenses 74,950.00

Net Income 47,550.00

Question Calculate and define the Gross Margin % ?