Bartlow, Inc. had the following income statement for the month of May.

Sales revenue		$428,000
Cost of goods sold		205,440
Gross margin		222,560
Less:
	Selling expenses	81,320
	Administrative expenses	72,760
Operating income		$ 68,480

Refer to Figure 2-3. What was the sales revenue percent?

		100%
		48%
		52%
		16%