Problem 2-3 Gross profit (LO2-1) Swank Clothiers had sales of $385,000 and cost of goods sold of $297,000. a. What is the gross profit margin (ratio of gross profit to sales)? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Gross profit margin % b. If the average firm in the clothing industry had a gross profit of 20 percent, how is the firm doing? The firm is