Profitability Analysis Emily Enterprises reports the following information on its income statement: Net sales $400,000 Administrative expenses $20,000 Cost of goods sold 170,000 Other income 15,000 Selling expenses 50,000 Other expense 10,000 Required Compute Emily's gross profit percentage and return on sales ratio. Emily is planning to add a new product and expects net sales to be $40,000 and cost of goods to be $28,000. No other income or expenses are expected to change. How will this affect Emily's gross profit percentage and return on sales ratio? (Round all answers to 1 decimal place.) 57.5% 41.25 % x Gross Profit Percentage Return on Sales IF NEW PRODUCT IS MADE Gross Profit Percentage Return on Sales 55 % 40.23 % x Check