A tornado severely damaged one of Down Town Fabs retail clothing stores, destroying all the inventory in the store. Down Town Fabs ending store inventory last year was $130,000. Its net purchases were $823,000 and net sales were $1,223,000 during the year prior to the tornado. Down Town Fab used the gross profit method to determine it had $390,420 of the inventory on hand on the date the tornado hit. What is its historical gross profit percentage?

Identify the appropriate formula and then calculate Down Town Fabs historical gross profit percentage.

Gross profit % = ___________________= ________%