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Loonie Corporation stores feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families. For the year ended January 30, 2014, the company reported average inventories of $1,302 (in millions) and an inventory turnover of 4.97. Average total fixed assets were $1,222 (million), and the fixed asset turnover ratio was 7.72 Required: 1-a. Calculate Loonie's gross profit percentage. (TIP: Work backward from the fixed asset turnover and inventory turnover ratios to compute the amounts needed for the gross profit percentage.) (Round your answer to 1 decimal place.) Gross profit % 1-b. Not available in Connect 2. Is this an improvement from the gross profit percentage of 28.2 percent earned during the previous year? No Yes