A Company Reported the Following Information for the Month of November

Essay

A company reported the following information for the month of November:
$\begin{array}{|l|r|}\hline \text { Sales } & \$ 50,475 \\\hline \text { Sales discounts } & 235 \\\hline \text { Sales returns and allowances } & 2,840 \\\hline \text { Cost of goods sold } & 33,975 \\\hline\end{array}$ Required: Calculate this company's gross margin ratio.