Chem Manufacturing Company processes direct materials up to the split-off point where two products (X and Y) are obtained and sold. The following information was collected for the month of November: Direct materials processed: 10,500 gallons (10,500 gallons yield 10,000 gallons of good product and 500 gallons of shrinkage) Production: X 5,400 gallons Y 4,600 gallons Sales: X 5,150 at $300 per gallon Y 4,350 at $90 per gallon The cost of purchasing 10,500 gallons of direct materials and processing it up to the split - off point to yield a total of 10,000 gallons of good products was $1,200,000. The beginning inventories totaled 25 gallons for X and 400 gallons for Y. Ending inventory amounts reflected 535 gallons of Product X and 450 gallons of Product Y. October costs per unit were the same as November. Using the physical - volume method, what is Product X's approximate gross - margin percentage? (Round all intermediary calculations two decimal places.) A. 65% B. 54% C. 150% D. 60%