Information from Abbot Corporation's most recent income statement appears below:

Sales (all on account)	$52,000
Cost of goods sold	36,000
Gross margin	16,000
Selling and administrative expense	12,860
Net operating income	3,140
Interest expense	640
Net income before taxes	2,500
Income taxes @ 30%	750
Net income	$ 1,750

The gross margin percentage is closest to:

	A)	30.8%
	B)	69.2%
	C)	6.0%
	D)	3.4%