Xavier Company reported the following income statement and balance sheet amounts on December 31, 2017. 2017 2016 Net sales revenue (all credit) $1,700.000 Cost of goods sold 1,040,000 Gross margin 660.000 Selling and general expenses 420.000 Interest expense 60,000 Net income $ 180,000 Current assets $ 100,000 $ 90,000 Long-term assets 830.000 800.000 Total assets $930,000 $890,000 Current liabilities $ 72,000 $ 56,000 Long-term liabilities 204,000 390,000 Common stockholders' equity 654.000 444.000 Total liabilities and stockholders' equity $930,000 $890,000 Total liabilities and stockholders' equity 5930,000 $890.000 Inventory and prepaid expenses account for $50,000 of the 2017 current assets. Average inventory for 2017 is $36.000 Average net accounts receivable for 2017 is $62,000. Average one-day sales are $5.900. There are 12,000 shares of common stock outstanding at the end of 2017. The market price per share of common stock is $27 at the end of 2017. The EPS for 2017 is equal to $1.50 per share. Refer to Exhibit 13-1. What is the gross margin ratio for 2017 (rounded to the nearest tenth of a percent)? O 63.5% O 27.3% 38.8% None of the answer choices is correct