Calculate profitloss percent given Gross sales 583260 Custom

Calculate profit/loss percent, given:

Gross sales $583,260
Customer returns & allowances $32,662
Gross margin 51.8%
Expenses $277,049

Net sales = Gross sales-Customer returns & allowances = 583260-32662= 550598 Gross margin = 550598*51.8%= 285209.76 Net income = Gross margin-Expenses = 285209.76-277049= 8160.76 Profit percent = 8160.76/550598= 1.48%(Rounded off)