Missoula Inc. reported the following selected financial statement data: 01:12:56 Cash Accounts receivable (net) Inventory Plant assets (net) Total assets Liabilities Shareholders' equity Net sales Cost of goods sold Net income Dec 31, 2020 $ 47,000 65,000 85,000 227,000 456,000 162,000 294,000 357,000 237,000 32,000 Dec 31, 2021 $ 57,500 86,000 89,000 252,000 429,000 162,000 267,000 434,000 314,000 34,720 Required: Compute the profit margin on sales for 2021. (Round your answer to 2 decimal places.) Profit margin on sales %