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Partial financial information for Frederick Pharmacy for the year 2017 is provided below. Inventory as of January 1, 2017 $53,000 Inventory as of December 31,

Partial financial information for Frederick Pharmacy for the year 2017 is provided below.

Inventory as of January 1, 2017 $53,000

Inventory as of December 31, 2017 $97,000

Sales revenue $120,000

Cost of goods sold $76,000

What is the Gross Margin Percentage?

36.67%

57.89%

45.36%

63.33%

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