Interest Expense 59 Net Income 60 61 62 63 Calculate the gross profit % for the year. Show your work. Formula: Gross Profit / Net Sales 64 65 66 155500 Gross Profit % 67 M2 Assignment 11 A A Wrap Text General Calibri A CE CE Mege & Center $ -% 9 4 BIU Font Alignment Number f 155500 D. E G H K L M. N Income Statement For the year ended 12/31/20XX Sales Revenue: 5322,800.00 Less: Sales Returns and Allowances 56,700 00 $2,200.00 Sales Discounts $4,500 Net Sales Revenue $313,900 $158,400 $155,500 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Commission Expense 522,300.00 $12,600.00 $1,300.00 Advertising Expense Delivery Expense General and Administrative Expenses $36,200 office Salaries Expense S52.000.00 Utilities Expense $10,300.00) $5,800.00 $5,700.00 Rent Expense Insurance Expense $73,800 $110,000 Operating Income Other Revenues (Expenses) 45,500 Interest Expense 1,700 $43,800 Net Income Calculate the gross profit % for the year. Show your work. Farmula: Gross Profit/Net Sales M2 Assignmant P E R