Excerpts from Johnson Company's December 31, 2020, financial statements are presented below: 2020 Accounts receivable $80,000 Inventory 84,000. Net sales 400,000 Cost of goods sold 254,000 Total assets 850,000 Total stockholders' 500,000 equity Net income 75,000 Johnson's gross profit ratio for 2020 is: Select one: O a. 57.5% en