(b) What is the markup percentage on total cost? (Round answer to 0 decimal places, e.g. 45%.)
The following is Sandhill Company’s income statement for the past year.
| Sales revenue | $710,000 | |
| Cost of goods sold | 426,000 | |
| Gross margin | 284,000 | |
| Operating expenses | 100,000 | |
| Operating income | $184,000 |
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