The following data came from the records of JoeMontana Incorporated for the year ended December 31, 2018: Administrative Expense $ 20,000 Cost of Goods Sold 175,000 Income Tax Expense 20,700 Sales Returns 7,650 Selling Expense 44,200 Sales of Merchandise 306,000 Required: 1. Based on the information above, what was the gross profit ratlo? (Round your answer to 2 decimal places.) Cras Profit Ratio