Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIPO is elected IE FIFO is elected $2,950 $2,480 $ 700 308 $ 990 $1,250 What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) Gross profit ratio