M & M Has Provided the Following Comparative Income Statements

M & M has provided the following comparative income statements and supplemental information:
$$\begin{array}{lrrr}& \underline{2012} & \underline{2013} & \underline{2014} \\\text{Net sales} & \$120,000 & \$132,000 & \$136,000 \\\text{Cost of goods sold} & \underline{62,000} & \underline{68,000} & \underline{72,000} \\\text{Gross margin} & 58,000 & 64,000 & 64,000 \\\text{Selling and administrative expenses} & 24,000 & 26,000 & 36,000 \\\text{Depreciation} & \underline{4,000} & \underline{6,000} & \underline{8,000} \\\text{Operating profit} & 30,000 & 32,000 & 20,000 \\\text{Income taxes} & \underline{10,000} & \underline{8,000} & \underline{5,000} \\\text{Net income} & \underline{\$ 20,000} & \underline{\$ 24,000} & \underline{\$ 15,000} \\\\\text{Earnings per share} & \$2 & \$2.70 & \$1.80 \\\text{Dividends paid per share} & \$1.40 & \$1.40 & \$1.40 \\\text{Market price per share} & \$12 & \$16 & \$10 \\\end{array}$$
a.Calculate M & M's gross margin percentage for 2013.
b.Calculate M & M's price/earnings ratio for 2013.
c.Calculate M & M's dividend payout ratio for 2013.