Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31:

Account Titles	Debits				Credits
Cash	$	46,220
Accounts Receivable		19,600
Inventory		71,000
Property and Equipment		54,000
Accumulated Depreciation					$	22,700
Accounts Payable						32,800
Common Stock						98,000
Retained Earnings, January 1						12,400
Sales Revenue						183,800
Cost of Goods Sold		107,600
Salaries and Wages Expense		18,600
Office Expenses		19,600
Interest Expense		2,400
Income Tax Expense		10,680
Totals	$	349,700			$	349,700

2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31:

Account Titles	Debits				Credits
Cash	$	46,220
Accounts Receivable		19,600
Inventory		71,000
Property and Equipment		54,000
Accumulated Depreciation					$	22,700
Accounts Payable						32,800
Common Stock						98,000
Retained Earnings, January 1						12,400
Sales Revenue						183,800
Cost of Goods Sold		107,600
Salaries and Wages Expense		18,600
Office Expenses		19,600
Interest Expense		2,400
Income Tax Expense		10,680
Totals	$	349,700			$	349,700

2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31:

Account Titles	Debits				Credits
Cash	$	46,220
Accounts Receivable		19,600
Inventory		71,000
Property and Equipment		54,000
Accumulated Depreciation					$	22,700
Accounts Payable						32,800
Common Stock						98,000
Retained Earnings, January 1						12,400
Sales Revenue						183,800
Cost of Goods Sold		107,600
Salaries and Wages Expense		18,600
Office Expenses		19,600
Interest Expense		2,400
Income Tax Expense		10,680
Totals	$	349,700			$	349,700

2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)