Condensed statement of financial position and income statement data for Pronghorn Ltd. are shown below. You are required to calculate certain financial ratios. Round your final results to one decimal place.

The gross profit margin for 2016 is

Question 25 options:

	56%
	44%
	22%
	33.3%
	None of the above

PRONGHORN LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets 80 $ 200 500 500 $ 30 900 1,200 2,130 4,100 $6,230 700 800 1,580 3,800 $5,380 1,200 3,200 $4,400 Current assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Liabilities Current liabilities Non-current liabilities Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 600 3,070 3,670 $ 550 2,320 2,870 $ 500 1,500 2,000 1,000 1,000 1,000 1,560 2,560 $6,230 1,510 2,510 $5,380 1,400 2,400 $4,400 2016 $3,600 1,800 PRONGHORN LTD. Income Statement Year Ended December 31 (in thousands) 2018 2017 Sales (all on credit) $4,500 $4,000 Cost of goods sold 2,500 2,100 Gross profit 2,000 1,900 Operating expenses 1,450 1,475 Income from operations 550 425 Interest expense 190 130 Income before income tax 360 295 Income tax expense 90 75 Net income $ 220 1,800 1,490 310 70 240 60 $ 270 $ 180