Fashion Retailers, Inc.'s income statement for the year ended December 31, 20x8 included the following accounts: Sales $90,000,000 Cost of goods sold $36,000,000 Selling expenses (total) $10,000,000 General and administrative expenses $8,000,000 Income tax expense. $3,500,000 What was the gross profit ratio for the year-ended December 31, 20X8? 2.51% b. 11% OC 40% Od. 60%