Profitability Analysis Kolby Enterprises reports the following information on its income statement: Net sales $220,000 Administrative expenses $10,000 140,000 Other Income 15,000 Cost of goods sold Selling expenses 40,000 Other expense 5,000 Required Calculate Kolby's gross profit percentage and return on sales ratio. Kolby is planning to add a new product and expects net sales to be $30,000 and cost of goods to be $25,000. No other income or expenses are expected to change. How will this affect Kolby's gross profit percentage and returnion sales ratio? (Round all answers to 1 decimal place.) Gross Profit Percentage Return on Sales IF NEW PRODUCT IS MADE Gross Profit Percentage Return on Sales Previous Save Answers % %6 % 56 Finish attempt... >

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