Use the following information for Gray Co$.$ to answer question $3.$

$20142013$

Sales $400400$

COGS $250200$

Operating expenses $8070$

Income taxes $2240$

$3.$ Gray Co$.\text{'}$s gross profit and net profit margins for $2014$ are:

a$.50\mathrm{.}0\%,22\mathrm{.}5\%$ respectively.

b$.37\mathrm{.}5\%,12\mathrm{.}0\%,$ respectively.

c$.62\mathrm{.}5\%,22\mathrm{.}5\%,$ respectively.

d$.62\mathrm{.}5\%,12\mathrm{.}0\%,$ respectively.