Gross profit percentage Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $210,000 Cost of goods sold 125,000 Net Income 8,300 Dividends 2,600 Earnings per share 4.15 HI-TECH INSTRUMENTS, INC Balance Sheets {Thousands of Dollars) Dec. 31, 2020 Dec. 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102.700 Plant assets (net) 52,600 50.500 Other assets 15,600 13.800 Total Assets 5172,000 $167.000 Liabilities and Stockholders' Equity Notes payable--banks $6.000 $6,000 Accounts payable 22.500 18,700 Accrued liabilities 16,500 21.000 Total Current Liabilities 45.000 45.700 199 Bonds payable 40,000 140,000 Total Liabilities 85.000 85,700 common stock 5000 50,000 Retained earnings 37.000 31.300 Total Stockholders Equity 831000 100 Total Liabilities and Stockholders quity 030 ST.000 *Common stock. $25 par value 2 000 000 shares outstanding. Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 50,000 37,000 87,000 $172,000 85,700 50,000 31,300 81,300 $167,000 *Common stock: $25 par value, 2,000,000 shares outstanding. Industry Average Ratios for Competitors Quick ratio Current ratio 1.3 2.4 5.9 times 3.5 times Accounts receivable turnover Inventory turnover Debt-to-equity ratio Gross profit percentage Profit margin Return on assets 0.73 42.8 percent 4.5 percent 7.6 percent Calculate the company's gross profit percentage for 2020. Round answer to one decimal place (ex: 0.34555 = 34.6%). 2.3 * % Check