The following results were gathered for a recent period: Sales $515,000 Cost of Goods Sold 375,000 Variable Selling Expenses 10,500 36,000 Foxed Selling Expenses Fixed Administrative Expenses 90,000 Calculate gross profit and the gross profit ratio, respectively. Gross Profit - $129.500; Gross Profit Ratio - 25% O Gross Profit - $3,500, Gross Profit Ratio - 1% Gross Profit - $140,000; Gross Profit Ratio - 27% None of these are correct Gross Profit - $129.500 Gross Profit Ratio - 3%