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 $441,400 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $ 295,000 62,000 19,000 1,000 19,370 $441,400 Required information $ 441,400 -295,000 146,400 For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Expenses Salaries and Wages Expense Office Expenses Travel Expense Accumulated Depreciation-Equipment Income from Operations Other Revenue Income Tax Expense Net Income 62,000 19,000 1,000 82,000 X (82,000) 0 (19,320) 25,760 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage