American Bacon Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm$$s gross profit margin.

Round the answers to two decimal places in percentage form. $($Write the percentage sign in the "units" box$).$

Balance Sheet December $31,2010$

Cash and marketable securities $$102,000$ Accounts payable $$287,000$

Accounts receivable $$299,000$ Notes payable $$61,200$

Inventories $$628,000$ Accrued expenses $$51,900$

Prepaid expenses $$10,300$ Total current liabilities $$400,100$

Total current assets $$1,039,300$ Long$-$term debt $$415,000$

Gross fixed assets $$1,502,000$ Par value and paid$-$in$-$capital $$376,000$

Less: accumulated depreciation $$312,000$ Retained Earnings $$1,038,200$

Net fixed assets $$1,190,000$ Common Equity $1,414,200$

Total assets $$2,229,300$ Total liabilities and owner$$s equity $$2,229,300$

Income statement, Year of $2010$

Net sales $($all credit$)$ $$6,387,700\mathrm{.}00$

Less: Cost of goods sold $$4,726,898\mathrm{.}00$

Selling and administrative expenses $$345,000\mathrm{.}00$

Depreciation expense $$148,000\mathrm{.}00$

EBIT $$1,167,802\mathrm{.}00$

Interest expense $$50,600\mathrm{.}00$

Earnings before taxes $$1,117,202\mathrm{.}00$

Income taxes $$446,880\mathrm{.}80$

Net income $$670,321\mathrm{.}20$

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