Calculate the gross margin percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).

NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.

	Cost ($)	Retail ($)
Opening inventory	130,410	201,543
Gross purchases	418,390	884,916
Returns to vendors	1,726	3,514
Cash discounts	2,040
Alteration costs	1,620
Freight	1,690
Gross Sales		806,430
Customer returns		60,340
Markdowns		120,630
Markdown cancellations		3,048
Additional markup		360
Employee discounts		1,010
Closing physical inventory		212,803