Required information [The following information applies to the questions displayed below.] 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: Credits Debits $ 60,940 25,200 92,000 68,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense $ 28,600 42,600 126,000 15, 200 242,600 141,200 24,200 25, 200 3,800 14,460 $455,000 Totals $455,000 Answer is not complete. PSYMON COMPANY, INC. Income Statement For the Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Salaries and Wages Expense Office Expenses $ 242,600 141,200 101,400 24,200 25,200 Income from Operations Interest Expense Income before Income Tax Expense 3,800 3,800 X Net Income 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage