The financial statements of Robinson Company include the following data:

2019

Sales $155,000

Cost of Goods Sold 62,000

Operating Expenses 46,500

Net Cash Provided from Operating Activities 50,100

Net Income 46,500

Dividends 14,000

Earnings per Share 0.23

Robinson Company Balance Sheet December 31

Assets Dec.31 Dec.31

Cash $168,800 $138,100

Accounts Receivable, net 33,900 33,700

Inventory 93,500 79,100

Total Current Assets 296,200 250,900

Plant Assets, net 144,000 130,000

Total Assets $440,200 $380,900

Liabilities and Stockholders' Equity

Current Liabilities $45,700 $41,900

10% Bonds Payable 73,000 65,000

Total Liabilities 118,700 106,900

Common Stock, $1 par 208,000 193,000

Retained Earnings 113,500 81,000

Total Stockholders' Equity 321,500 274,000

Total Liabilities and Stockholders' Equity $440,200 $380900

Required:

Compute theprofit margin ratiofor 2019. Round your answer to the nearest percentage. (If necessary, consult alist of formulas.)