Thompson TV and Appliance reported the following in its 2016 financial statements:

	2016
Sales	$436,000
Cost of goods sold:
Inventory, January 1	66,000
Net purchases	326,000
Goods available for sale	392,000
Inventory, December 31	99,000
Cost of goods sold	293,000
Gross profit	$143,000

Thompson's 2016 gross profit ratio is (Round your answer to the nearest whole percentage):

32%.

None of these is correct.

33%.

25%.