Required information [The following information applies to the questions displayed below.] Toys R Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $74,800 5,900 3,800 7,000 2,550 35,550 Inventory (Mar. 31, 2021) $1,200 Insurance expense 2,050 Sales discounts 2,750 Salaries expense 8,900 Income tax expense 3,700 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio