Midwestern Grain Company is a producer of agricultural products and machinery for industrial as well as consumer farming markets. They have multiple locations throughout North Dakota, South Dakota, Nebraska and lowa. The company's income statement is shown below. Western Grain's total assets are $4,357.1 million, and its equity is $1,718.4 million. Consolidated Earnings and Retained Earnings Year Ended December 31 In Millions 2018 Sales $6,295.40 Cost of goods sold 2,989.00 Selling and administrative expense 2.237.50 Operating profit 1,068.90 Interest expense 33.3 Other income (expense), net (1,5) Earnings before income taxes 1,034.10 Income taxes 353.4 w TERVETUR $6,295.40 Sales 2,989.00 Cost of goods sold p 2.237.50 Selling and administrative expense Operating profit 1,068.90 33.3 Interest expense (1.5) 2 Other income (expense), net Earnings before income taxes 1,034.10 R fc Income taxes 353.4 Net earnings 680.7 B lt US 01 (Net earnings per share) $2.94 Retained earnings, beginning of year 3,033.90 Dividends paid (305.2) Retained earnings, end of year $3,409,40 Ralance Shoot Incom Using the provided financial data, calculate the profit margin. NOTE: for calculations, convert to percentage AND THEN round to the nearest hundredth (2 decimal places) - YOU DO NOT NEED TO ADD THE SYMBOL Type your answer.. 2 2 points Revisit your calculated answer for profit margin. Assume that the industry average for profit margin is 12% Briefly evaluate Western Grain's profitability relative to the industry average. (HINT: In your evaluation, consider the type of company/industry, as well as how you might use words like, efficiency, profitability, earnings, utilization, cost comparability of the type of assets), performance, etc. Proofread and spellcheck! What is the company to average difference ? (subtract the two) Are they considered high/iow? Is high/low considered good/bad? Speculate on what might drive these numbers to be higher or lower than industry averages Why is this information useful