John’s Haberdashery had sales of $425,000 and cost of goods sold of $260,000. What is the gross profit margin (ratio of gross profit to sales)?

John’s Haberdashery
Gross profit = (sales- cost of goods sold)
Sales…………………………………………. $425,000
Cost of goods sold……………………………………..$260,000
Gross profit ……………………………………$165,000
Gross profit Margin= (xxx)/xxx