Selected data from the financial statements of KRJ Manufacturing are presented below. Calculate the gross profit margin, presenting your answer in percentage terms, rounded to two decimal places. e.g. 20.00%.

Sales $107,262

Cost of goods sold $51,727

Operating profits (EBIT) $32,852

Earnings before taxes (EBT) $28,308

Net profits $18,706

Tax expense 8,310

Depreciation expense $14,562

Total assets, beg of year $89,075

Total assets, end of year $83,449

Total equity, beg of year $42,951

Total equity, end of year $40,310

Cash flow from operations $28,084