Monika is analyzing the income statement of Labtec Inc. in order to measure the profitability of the company. The income statement reports a net profit of $5,250, cost of goods sold of $61,500, net sales of $68,000 and an operating profit of $8,200. What is the gross profit margin for Labtec Inc.? a) 7.72% b) 8.54% c) 9.56% d) 12.06%