The most recent Balance sheet and Income Statement for Goed, Inc. are presented below. Statement of Financial Position December 31, Year 2 and Year 1 thousands of dollars) Year 2 Year Asset Current assets Cash 190 200 Accounts receivable 300 310 Inventory 200 190 Prepaid expenses 20 20 Total current assets 710 720 Plant and equipment, net 981 Total assets 1,691 $1,681 Liabilities and stockholders' equity Current liabilities: 250 240 Accounts payable Accrued liabilities 140 140 Notes payable, short term 190 200 Total current liabilities 580 580 Bonds payable 280 330 Total liabilities 860 910 Stockholders' equity: Preferred stock, $100 par value, 10% 290 290 Common stock, $1 par value 100 100 Additional paid-in capital--common stock 110 110 Retained earnings 331 280 Total stockholders' equity 831 780 $1,691 $1,690 Total liabilities and stockholders' equity Income Statement For the Year Ended December 31, Year 2 Sales (all on account) $1,420 Cost of goods sold 859 Gross margin 561 Selling and administrative expenses 350 Net operating income 211 Interest expense Net income before taxes Income taxes (30%) 51 Net income 120 Dividends on common stock during Year 2 totaled $40 thousand. The market price of common stock at the end of Year 2 was $9.45 per share. Required: a. Compute the gross margin percentage for Year 2. (Round your answer to 1 decimal place. Omit the sign in your response.)