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Varsity, Inc.'s comparative income statement follows. The 2017 data are given as needed. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the profit margin ratio for 2019 and 2018. i Data Table - X Begin by selecting the formula to calculate the profit margin ratio. Profit margin ratio = Net income + Net sales revenue Now, calculate the profit margin ratio for 2019 and 2018. (Round your answers to one tenth of a percent, X.X%.) Varsity, Inc. Profit margin Comparative Income Statement ratio % Years Ended December 31, 2019 and 2018 2019 Dollars in thousands 2019 2018 2017 2018 % Net Sales Revenue $ 176,000 $ 152,000 Cost of Goods Sold 95,500 83,500 Selling and Administrative Expenses 45,500 42,000 Interest Expense 9,500 12,500 Income Tax Expense 11,500 8,500 $ 14,000 $ 5,500 Net Income Additional data: Total Assets $ 208,000 $ 189,000 $ 168,000 Common Stockholders' Equity 92,500 85,000 79,500 Preferred Dividends 2,000 2,000 Common Shares Outstanding During the Year 20,000 20,000 15,000 Print Done Enter any number in the edit fields and then click Check Answer.Requirement 1. Calculate the profit margin ratio for 2019 and 2016. Begin by selecting the formula to calculate the profit margin ratio. Profit margin ratio Annual dividend per share + Earnings per share (Net income + Income tax expense + Interest expense) + Interest expense (Net income + Interest expense) + Average total assets (Net income - Preferred dividends) + Average common stockholders' equity (Net income + Preferred dividends) + Average common stockholders' equity (Net income - Preferred dividends) + Weighted average number of common shares outstanding Net income + Net sales revenue Net sales revenue + Average total assets Net sales revenue + Net income