Return on Sales Juroe Company provided the following income statement for last year: Sales $11,800,000 3,000,000 Cost of goods sold Gross margin Operating expenses Operating income Interest expense Income before taxes Income taxes Net income $8,800,000 3,800,000 $5,000,000 1,000,000 $4,000,000 1,400,000 $2,600,000 Juroe's balance sheet as of December 31 last year showed total liabilities of $10,700,000, total equity of $6,950,000, and total assets of $17,650,000. 1. Calculate the return on sales. Round to two decimal places. % 2. The return on sales ratio illustrates the number of cents from each sales dollar that is left over after covering %, which indicates that for every $1.00 of sales revenue it generates, is . Juroe company's return on sales cents are left over after subtracting Appropriate return on sales benchmarks vary by industry and economic conditions. However, generally speaking, a return on sales of cents is