Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 40 units at $95 71 units at $71 172 units at $56 Sales for the year totaled 272 units, leaving 11 units on hand at the end of the year. Ending inventory using the FIFO method is: Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $102 73 units at $74 171 units at $54 Sales for the year totaled 265 units, leaving 19 units on hand at the end of the year. Ending inventory using the LIFO method is: Thompson TV and Appliance reported the following in its 2018 financial statements: 2018 $424,000 Sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 65,000 331,000 396,000 90,000 306,000 $ 118,000 Thompson's 2018 gross profit ratio is: (Round your answer to the nearest whole percentage.)