Question 2 (2 points) A firm has the following income statement: Income Statement for Year Ended December 31, 2019 Sales $ 888,000 Less: Cost of Goods Sold (387,000) Gross Profit $ 501,000 Less: General Administrative and Selling Expenses ( 48,000) Less: Depreciation (_37.000) Earnings Before Interest and Taxes (EBIT) $ 416,000 Less: Interest Expense ( 46,000) Earnings Before Taxes (EBT) $ 370,000 Less: Federal and State Income Taxes (40%) ( 148,000) Net Income $ 222,000 What is the firm's operating margin? [Hint: The formula to compute opera PowerPoint Slide #35. EBIT is the same as operating profits shown in text