Problem 5 Income Statement Ratios 12 points Amounts from Exactos income statement are presented below. \begin{tabular}{|l|r|} \hline & 2020 \\ \hline Selling expenses & 250,000 \\ \hline Net Sales & $2,400,000 \\ \hline Income tax expense & 200,000 \\ \hline General and administrative expenses & 150,000 \\ \hline Cost of goods sold & 1,656,000 \\ \hline \end{tabular} Show your work for all calculations. 1. Compute gross profit. 2. Compute their gross profit ratio. (round to the nearest tenth of 1 percent) 3. Compute net income. Compute their profit margin