Thompson TV and Appliance reported the following in its 2016 financial statements: 2016 Sales $429,000 Cost of goods sold: Inventory, January 1 77,000 Net purchases 330,000 Goods available for sale 407,000 Inventory, December 31 97,000 Cost of goods sold 310,000 Gross profit $119,000 Thompson's 2016 gross profit ratio is (Round your answer to the nearest whole percentage): 23%. 27%. 28%. None of these is correct.

I come uo with 27%