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.