Please calculate the Gross Margin Percentage on Prescription Sales. Show your work and include the answer in the text box below.

$ 70,000 330,000 $ 4,500,000 $ 600,000 $1,000,000 $ 3,450,000 $1,050,000 Balance Sheet August 31, 2014 Assets Current Assets Cash Accounts Receivable Inventories Prescription $ 450,000 Non-prescription $ 150,000 Total Inventory Total Current Assets Fixed Assets (less depreciation) Computers & other equipment Foctures Total Fixed Assets Other Assets Prepaid Expenses, Deposits, etc. Total Assets Llabilities Current Liabilities Accounts Payable Notes Payable (within 1 year) Accrued Expanses and other liabilities Total Current Liabilities Long-term Liabilities Notes Payable (greater then 1 year) $ S s 80,000 50.000 130.000 Income Statement For Year Ending August 31, 2014 Net Sales Prescription Sales $ 3,600,000 Non-prescription Sales S 800,000 Professional Service Sales $100,000 Total Net Sales Cost of Goods Sold Prescription $2,900,000 Non-prescription $ 550,000 Total Cost of Goods Sold Gross Margin Operating Expenses Manager's salary & benefits Employee's salaries & benefits Rent (12 month lease @55,000/mo) Gas, Electric. Sewer Telephone Promotional Professional Fees, Licenses & Dues Pharmacist Malpractice Insurance Maintenance and Repairs Store Liability Insurance Rx Labels and Containers Pharmacy Computer Depreciation (fixtures and car) Miscellaneous Total Expenses S 70,000 $ 1.200,000 S 170,000 S 340,000 S 60.000 S 30.000 S 10.000 S 50.000 $ 5.000 $ 5.000 S 25,000 S 15.000 S 15,000 S 30.000 S 25,000 S 100.000 $ 80,000 400.000 S 50.000 $ 50,000 S 500.000 S 100,000 Total Liabilities $ 600,000 NET PROFIT S 170.000 NET WORTH $ 600,000