Justin works for a private equity company thinking about acquiring a new athletic apparel retail store. He's interested in knowing the company's gross margin, so he tracks down its most recent annual report and finds the following numbers: Total Revenue: $30,000,000 Cost of Goods Sold: $25,000,000 Average Assets: $20,000,000 Net Income: $8,000,000 What is the gross margin for the apparel company? Question 8 options: 

The gross margin is $55,000,000. The gross margin is 83.3%. The company made $.83 for every $1.00 in sales 

The gross margin is 16.7%. The company made roughly $.17 for every $1.00 in sales 

We cannot answer the question with just this information 

The gross margin is 40%. The company made $.40 in gross profit for every $1.00 in assets