A company has net sales of $825,000 and cost of goods sold of $547,000. Its net income is $98,500. The company's gross margin and operating expenses, respectively, are:
A. $645,500 and $179,500
B. $278,000 and $98,500
C. $278,000 and $179,500
D. $209,000 and $191,470
E. $179,500 and $98,500
Answer: C
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