This information is available for Groneman, Inc. for 2017, (in millions) Beginning inventory Purchased inventory during the year Ending inventory Cost of goods sold Net Sales Revenue Operating Expenses 2017 $ 200,000 600,000 350,000 450,000 1,300,000 300,000 Based on the foregoing, Groneman's gross profit rate would be 34.62% 65.38% 61.11% 0 42.31%