Selected account balances from a retail firms adjusted trial balance at the end of the first quarter of operations for the current fiscal year include the following:

Based solely on the account information provided, what was the gross profit ratio for the quarter?

	a.	59.0%
	b.	3.1%
	c.	41.0%
	d.	4.4%

• Sales$32,000,000
• Executive & administrative salary expense $4,200,000
• Sales salary expense $1,400,000
• Sales commissions... $1,800,000
• Cost of goods sold.. $18,880,000
• Advertising expense. $1,500,000
• Utility expense.. $190,000
• Depreciation expense $210,000
• Rent expense. $2,100,000
• Insurance expense. $320,000
• Income tax expense... $420,000

Selected account balances from a retail firms adjusted trial balance at the end of the first quarter of operations for the current fiscal year include the following:

Based solely on the account information provided, what was the net profit margin for the quarter?

	a.	59.0%
	b.	3.1%
	c.	41.0%
	d.	4.4%

• Sales$32,000,000
• Executive & administrative salary expense $4,200,000
• Sales salary expense $1,400,000
• Sales commissions... $1,800,000
• Cost of goods sold.. $18,880,000
• Advertising expense. $1,500,000
• Utility expense.. $190,000
• Depreciation expense $210,000
• Rent expense. $2,100,000
• Insurance expense. $320,000
• Income tax expense... $420,000