Start by calculating the gross profit percentage for 2018 Select the formula and then complete the calculation (Round to the nearest one hundredth of a percent, XXX%) Gross proft % 1 Reference Reference Assets ALB, Inc Income Statement Year Ended July 31, 2018 Sales revenue 5 Current Assets Cash Accounts receivable Inventory Estimated Inventory returns Prepaid rent Total current assets 2.200 3.400 3.700 600 1.100 30,000 20.500 9.500 3.800 11.000 27.400 38.400 Cost of goods sold Gross profit Total operating expenses Operating income (loss) Interest expense Net Income (loss) 5,700 (350) 5.350 Print Done Equipment, net Total assets Liabilities Current Liabilities Accounts payable Salaries payable Estimated refund liability Accrued liabilities Total current liabilities Long term notes payable Total abilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 5.400 900 700 2.300 9.300 23.000 Clear All 32 300 6.100 $ 38.400