Shown below is selected information from the financial statements of Supreme Company Dollar amounts are in millions (except for the per share data). Income statement information: Net sales Cost of goods sold Operating expenses Net income Balance sheet information: Average total equity Average total assets $ 1,310 $ 540 $ 460 $ 430 $ 2,800 $ 4,400 Supreme reported earnings per share for the year of $5 and paid cash dividends of $2 per share. At year-end, the Wall Street Journal listed Supreme's capital stock as trading at $92 per share. Supreme's gross profit rate was: