The following information is available for Sheldon Leonard Company:

$ 70,000 200,000 383,000

Operating expenses

Cost of goods sold

Sales

Sales returns and allowances

17,000

Instructions: Compute each of the following:

(a) Net sales

(b) Gross margin (in dollars)

(c) Income from operations

(d) Gross profit margin ratio (a percentage, using Net Sales as your base of 100%)