Construct an operating statement (from Gross Sales to Net Sales to Net Profit) from the following data and compute the gross margin percentage. [Remember, Net Sales typically represents 100% on the Income Statement and every line item on the statement is a percentage of Net Sales. These operating ratios are important analytical tools for measuring operating performance.]

Purchases at billed cost $15,000

Net sales 30,000

Sales returns and allowances 200

Cash discounts given 300

Cash discounts earned 100

Rent 1,500

Salaries 6,000

Opening inventory at cost 10,000

Advertising 600

Other expenses 2,000

Closing inventory at cost 7,500