QUESTION 15 Following is Stanley Black & Decker’s income statement for 2016 (in millions): STANLEY BLACK & DECKER, INC. Income Statement For the year ended December 31, 2016 ($ millions) Sales $11,406.9 Cost of goods sold 7,139.7 Gross profit $ 4,267.2 Selling, general and administrative expenses 2,602.0 Other operating expenses 268.2 Operating income 1,397.0 Interest and other nonoperating expenses 171.3 Income before income tax 1,225.7 Income tax expense 261.2 Net income $ 964.5 Compute Stanley Black & Decker’s gross profit margin. A. 63.6% B. 12.2% C. 37.4% D. 8.5% E. None of the above