A horizontal analysis is being conducted for TTG Ltd. with 2020 as the base year.

TTG Ltd.
Income Statement
Year Ended December 31
	2020	2021	2022
Revenue	$ 732,000	$ 782,000	$ 832,000
Cost of goods sold	439,200	461,380	482,560
Gross profit	292,800	320,620	349,440
Selling expenses	109,800	109,480	124,800
Operating expenses	36,600	46,920	41,600
Operating income	146,400	164,220	183,040
Income tax expense	51,240	57,477	64,064
Net income	95,160	106,743	118,976

Based on the above comparative income statement, what is 2022 Gross Profit as a percentage of the base year? (round to the nearest percent)

Question 15 options:

	110%
	125%
	114%
	119%