What is George's gross profit rate if net sales are $108,000, operating expenses are $26,000, and cost of goods sold is $66,000? (Round your answer two decimal places, X.XX%.)

A) 38.89%
B) 24.07%
C) 37.04%
D) 61.11%

Gross Profit Rate

The ratio of gross profit to net sales, expressed as a percentage, indicating the efficiency of sales relative to the cost of goods sold.

Net Sales

The revenue from goods or services sold after deducting returns, allowances for damaged or missing goods, and any discounts allowed.

Operating Expenses

Operating expenses are costs associated with running a business day-to-day, excluding costs linked to producing goods and services.