Use the information below to answer the following question$($s$).$

Chem Manufacturing Company processes direct materials up to the splitoff point, where two products $($X and Y$)$ are obtained and sold. The following information was collected for the month of November.

Direct materials processed:

$10,000$ litres $(10,000$ litres yield $9,500$ litres of good product and $500$ litres of shrinkage$)$

Production:X $5,000$ litres$$Y $4,500$ litresSales:X $4,750$ at $$150$ per litre$$Y $4,000$ at $$100$ per litre

The cost of purchasing $10,000$ litres of direct materials and processing it up to the splitoff point to yield a total of $9,500$ litres of good products was $$975,000.$

The beginning inventories totalled $50$ litres for X and $25$ litres for Y$.$ Ending inventory amounts reflected $300$ litres of product X and $525$ litres of product Y$.$ October costs were per unit were the same as November.

What is product X$\text{'}$s approximate gross margin percentage using the physical volume method?

a$.$

$32\%$

b$.$

$38\%$

c$.$

$30\%$

d$.$

$35\%$

e$.$

$33\%$