Spiderweb Company sells raincoats that are so thin they fold up and fit in a purse or pocket. The Report on Business in the Financial Post reported the following announcement from the company: Spiderweb's fiscal third-quarter results for 2012 are very disappointing due to major losses in its investment portfolio. The company reported a loss of $20,000,000 for this quarter ended July 31st on sales of $40,000,000. Combined sales for the first three quarters are $180,000,000. Comparable quarterly results for the same period last year are profits of $20,000,000 on sales of $80,000,000. Despite the loss for the quarter, sales are actually 20% higher than the comparable quarter last year and sales for the three quarters are 40% higher. Gross profit percentage has stayed consistent at 22% in all quarters. The company released its quarterly financial statements on August 1 Based on the information given, Spiderweb's Gross Profit for the fiscal year 2011 is:

• $90,000,000

• Determinable, but not one of the previous choices

• $30,000,000

• $60,000,000

• Not determinable from the data provided