Also, find the rate of inventory turnover: how many times per year

Newport Systems, which uses the perpetual inventory system, earned sales revenue of $73 million in 2020. Cost of goods sold was $31 million, and net income reached $23 million. Total current assets included inventory of $14.5 million at December 31, 2020. Last year's ending inventory was $12.7 million. The managers of Newport Systems need to know the company's gross margin percentage and rate of inventory turnover for 2020 Compute these amounts. First find the Newport Systems' gross margin percentage. (Enter the answer as a percentage rounded to one decimal place, X.X%.) Gross margin percentage: %