Gambit Ltd. results for the year ended December 31, 2019, are as follows: Sales revenue $780,000; Cost of goods sold $610,000; Beginning inventory $80,000; Ending inventory $60,000. The gross profit margin for 2019 is approximately:

Select one:

a.

21.8%

b.

24.4%

c.

14.1%

d.

29.5%