Joe's Fish Hut Income Statement For the Year Ended May 31, 2020 Sales $126,000 COGS $83,000 Gross Profit $43,000 Operating Expenses Insurance Expense $1,180 Rent Expense $5,760 Salaries Expense $4,230 Telephone Expense $800 Interest Expense $1,600 Depreciation Expense $8,400 Total Operating Expenses $21,970 Operating Profit Before Tax $21,030 Income Tax Expense $7,361 Net Profit (Loss) $13,669 Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. I a) Calculate the gross profit margin for the 2020. Gross Profit Margin: %