Exercise D3-25The following is Talley Company’s income statement for the past year.Sales revenue      $540,000Cost of goods sold      324,000Gross margin      216,000Operating expenses      126,000Operating income      $90,000What is the markup percentage on cost of goods sold? (Round answer to 0 decimal places, e.g 45%.)Markup percentage       %LINK TO TEXTLINK TO VIDEOWhat is the markup percentage on total cost? (Round answer to 0 decimal places, e.g 45%.)Markup percentage       %LINK TO TEXTLINK TO VIDEOWhat is the gross margin percentage? (Round answer to 0 decimal places, e.g 45%.)Gross margin percentage       %LINK TO TEXTLINK TO VIDEOIf the company wants to sell a new product that costs $42 wholesale while keeping the same markup structure, what will be the price of the new product? (Use the gross margin percentage and round final answer to 0 decimal places, e.g. 25,000.)Price of the new product      $

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