Required information PA6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6- 6) [The following information applies to the questions displayed below.] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): Credit $281, 200 BIG TOMMY CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $215,000 Salaries and Wages Expense 42,000 office Expense 4,000 Travel Expenses 1,000 Income Tax Expense 5,760 Net Profit 13,440 Totals $281,200 $281,200 BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales $ 281,200 215,000 Cost of Goods Sold Gross Profit 42,000 Expenses Salaries and Wages Expense Office Expense Travel Expense 4,000 1,000 Income from Operations Income Tax Expense 5,760 Net Income 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %