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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 420,000 Cost of goods sold: Inventory, January 1 82,000 Net

Thompson TV and Appliance reported the following in its 2021 financial statements:

2021
Sales$420,000
Cost of goods sold:
Inventory, January 182,000
Net purchases340,000
Goods available for sale422,000
Inventory, December 3186,000
Cost of goods sold336,000
Gross profit$84,000


Calculate Thompson's 2021 gross profit ratio?

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