! Required information [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): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $356,700 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit $255,000 52,000 11,500 1,000 11,160 26,040 $356,700 Totals $356,700 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %