QUESTION 9 Fashion Retailers, Inc.'s income statement for the year ended December 31, 20x8 included the following accounts: Sales $90,000,000 Cost of goods sold $36,000,000 Selling expenses (total). ..$10,000,000 General and administrative expenses $8,000,000 Income tax expense $3,500,000 What was the gross profit ratio for the year-ended December 31, 20X8? a 51% ho b 11% C-60% d 40%