Washington Warehouse is a small retail business that specializes in the sale of top-of-the-line televisions. This year, the store has begun to carry the Flat TV manufactured by Bass Co. Thus far, Washington has recorded the following transactions involving the Flat TV:

Jan. 18 Purchased 13 additional Flat TVs at $1,400 each

Feb. 12 Sold 9 Flat TVs to the Duke Hotel for a total price of $15,300

If Washington uses a perpetual inventory system, the gross profit ratio on the Flat TVs as of February 12th is:

17,2%

6,67%

17,65%

5,67%