The following information is available for Hatter Co$.$

$2017$

$2016$

$2015$

Net income

$ $2,500$

$ $1,700$

$ $1,900$

Net sales

$$37,000$

$$35,000$

$$32,000$

Total assets

$$420,000$

$$395,000$

$$375,000$

 

 From the information provided, calculate Hatter's profit margin ratio for each of the three years. In $2016,$ economic conditions and a slowing economy impacted the results of operations. Comment on the results, assuming that the industry average for the profit margin ratio is $7\%$ for each of the three years?