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Required information [The following information applies to the questions displayed below.] Investors, creditors, and financial analysts can gain important insights by monitoring a company's investment in inventories. The gross profit ratio, inventory turnover ratio, and average days in inventory are designed to monitor inventories. Saunderstown Company reported the following pretax data for its first year of operations. What is Saunderstown's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage