Given below are comparative statements of financial position $($balance sheets$)$ and an income statement for Claret Corporation.

Claret Corporation

Statement of Financial Position

Year $2$

Accounts December $31$ January $1$

Cash $ $15,700$ $ $15,700$

Accounts receivable $46,93037,900$

Inventory $32,60036,500$

Equipment $($net$)57,30066,400$

Total $ $152,530$ $ $156,500$

Accounts payable $26,10028,700$

Dividends payable $7,9004,000$

Long$-$term note payable $14,40014,400$

Common stock, $$5$ par $72,90072,900$

Retained earnings $31,23036,500$

Total $ $152,530$ $ $156,500$

Claret Corporation

Income Statement

For the year ended Year $2$

Sales $ $228,900$

Cost of goods sold $137,550$

Gross profit on sales $ $91,350$

Operating expenses $75,878$

Operating income $ $15,472$

Interest expense and income taxes $9,150$

Net income $ $6,322$

All sales were made on account. Cash dividends declared during the year totaled $$11,592.$

The company$$s gross profit rate for Year $2$ is: