The University of Concord Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs). The following data (in thousands) pertain to 2017:

How did the University of Concord Press perform in 2017? Calculate the gross margin percentage.

$ 860 770 180 1,350 970 410 Direct materials and supplies purchased on credit Direct materials used Indirect materials issued to various production departments Direct manufacturing labor Indirect manufacturing labor incurred by various production departments Depreciation on building and manufacturing equipment Miscellaneous manufacturing overhead* incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 190% of direct manufacturing labor costs Cost of goods manufactured Revenues Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) Inventories, December 31, 2016 (not 2017): Materials Control 540 ? 4,190 8,800 4,070 130 Work-in-Process Control 60 Finished Goods Control 540 *The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead. Journal Entry Accounts Debit Credit (In thousands) (1) Materials Control 860 860 Accounts Payable Control Work-in-Process Control (2) 770 Materials Control 770 (3) Manufacturing Overhead Control 180 Materials Control 180 (4) Work-in-Process Control 1,350 970 2,320 (5) Manufacturing Overhead Control Wages Payable Control Manufacturing Overhead Control Accumulated Depreciation - Buildings and Manuf. Equipment Manufacturing Overhead Control 410 410 (6) 540 Miscellaneous Accounts 540 (7) Work-in-Process Control 2,565 2,565 Manufacturing Overhead Allocated Finished Goods Control (8) 4,190 Work-in-Process Control 4,190 (9) Accounts Receivable Control 8,800 Revenues 8,800 Cost of Goods Sold 4,070 (10 ) (11) 4,070 2,565 Finished Goods Control Manufacturing Overhead Allocated Manufacturing Overhead Control Cost of Goods Sold 2,100 465