During the year ended December 31, 2012, Bjornstad Corporation had the following results: Sales revenue

$267,000; cost of good sold $107,000; net income

$92,400; operating expenses $55,400; net cash provided by operating activities $108,950. What was the company’s profit margin ratio?

(a) 40%.

(c) 20.5%.

(b) 60%.

(d) 34.6%.