Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The...

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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): Net Sales Cost of Goods Sold BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $611,000 $359,000 Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals 78,000 31,000 Please wait... 1,000 42,600 99,400 $611,000 $611,000 PA6-5 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) 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): Net Sales Cost of Goods Sold BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $611,000 $359,000 Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals 78,000 31,000 Please wait... 1,000 42,600 99,400 $611,000 $611,000 PA6-5 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)