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Sunland Industries reported net sales totaling $3008000 during the year. The company's gross profit rate was determined to be 40%. Which statement is true? The company generated 40 cents out of every sales dollar that is available to cover its operating expenses and contribute to profit The company generated 40 cents of net income out of each dollar of assets owned by the company. The inventory cost is 40% of the sales price of the inventory items. The company generated $1203200 of net income during the year. Financial Information is presented below: $ 30000 8000 Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 3000 142000 93000 Gross profit would be $46000 $49000. $38000 $41000