Missoula Inc. reported the following selected financial statement data: Cash Accounts receivable (net) Inventory Plant assets (net) Total assets Liabilities Shareholders' equity Net sales Cost of goods sold Net income Dec 31, 2020 $ 45,000 63,000 83,000 225,000 450,000 160,000 290,000 355,000 235,000 32,000 Dec 31, 2021 $ 54,500 83,000 87,000 248,000 425,000 160,000 265,000 430,000 310,000 33,970 Required: Compute the profit margin on sales for 2021. (Round your answer to 2 decimal places.) Profit margin on sales 5%