[The following information applies to the questions displayed below.]

Shown below are selected data from the financial statements of Supreme Co. Dollar amounts are in millions (except for the per share data).

Income statement data:
Net sales	$	1,230
Cost of goods sold	$	520
Operating expenses	$	440
Net income	$	390
Balance sheet data:
Average total equity	$	2,400
Average total assets	$	4,000

Supreme reported earnings per share for the year of $4 and paid cash dividends of $1 per share. At year-end, the Wall Street Journal listed Supreme's capital stock as trading at $88 per share.

Supreme's gross profit rate was: