Peg Had Net Sales of $28,496 Million, Its Cost of Goods

Multiple Choice

Peg had net sales of $28,496 million, its cost of goods sold was $19,092 million, and its net income was $997 million. Its gross margin ratio equals:

A) 3.5%.
B) 5.2%.
C) 33%.
D) 67%.
E) 149.3%.