We have the following equation:
[tex]\text{gross profit = sales - cost of goods}[/tex]then, in this case we have:
[tex]\text{gross profit = 377000-329000=}48000[/tex]now we can calculate the gross profit margin with the following equation:
[tex]\text{gross profit margin = }\frac{gross\text{ profit}}{sales}\cdot100[/tex]then, we have:
[tex]gross\text{ profit margin = }\frac{48000}{377000}\cdot100=12.73[/tex]therefore, the gross profit margin is 12.73%
