Wright & Boyle Inc. had the following income statement for the month of May:

Sales revenue $470,800.00

Cost of goods sold 217,766.40

Gross margin $253,033.60

Less:

Selling expenses $ 86,199.20

Administrative expenses 74,942.80

Operating income $ 91,891.60

What was the operating income percent? (Note: Round your answer to two decimal places.)

a.15.75%

b.19.65%

c. 17.55%

d.19.52%