Janson Company prepares an income statement for financial accounting purposes using the traditional income statement format, as well as an income statement for managerial accounting purposes using the contribution margin format. Selected information from both income statement formats are as follows: Revenues Cost of goods sold Contribution margin ratio Operating expenses. Fixed expenses $200,000 $ 40,000 50% $120,000 $ 60,000 Using the traditional income statement format, the gross profit ratio is: