Mormino Corporation's income statement appears below:Income StatementSales (all on account)$1,240,000 Cost of goods sold 730,000 Gross margin 510,000 Operating expenses 450,462 Net operating income 59,538 Interest expense 18,000 Net income before taxes 41,538 Income taxes (35%) 14,538 Net income$ 27,000 The company's gross margin percentage is closest to:
A. 1888.9%
B. 69.9%
C. 5.3%
D. 41.1%
Answer: D
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