A sole trader has income statement data for the year ended 31st December 2020: ending inventory $21,000, purchases $90,000, beginning inventory $15,000, sales $155,000 and sales returns and allowances $5,000. What is the gross profit percentage for the year ended 31st December 2020?

Select one:

a. 23.44%

b. 22.88%

c. 44.00%

d. 46.00%

e. None of the above