Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales Cost of goods sold: $433,000 Inventory, January 1 77,000 Net purchases 321,000 Goods available for sale 398,000 Inventory, December 31 87,000 Cost of goods sold 311,000 Gross profit $122,000 Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)