Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 427,000 Cost of goods sold: Inventory, January 1 80,000 Net purchases 325,000 Goods available for sale 405,000 Inventory, December 31 93,000 Cost of goods sold 312,000 Gross profit $ 115,000 Thompson's 2021 gross profit ratio is
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