Neef Corporation has provided the following financial data from its balance sheet and income statement: Year 2 $1,302,000 $ 885,000 Year 1 $1,330,000 $ 880,000 Total assets Total stockholders' equity Income Statement For the Year Ended December 31, Year 2 Sales (all on account) Cost of goods sold Gross margin Operating expenses Net operating income Interest expense Net income before taxes Income taxes (35%) Net income $1,420,000 890,000 530,000 493,000 37,000 17,000 20,000 7,000 $13,000 The company's gross margin percentage for Year 2 is closest to Multiple Choice 59.6% 2.5% 373% 4076.9%