This is measured by profit margin which is net income divided by net sales.

The following amounts were taken from the financial statements of Nicklaus Company:

2017 2016

Total assets $800,000 $1,000,000

Net sales 720,000 650,000

Gross profit 352,000 320,000

Net income 144,000 117,000

Weighted average number of common shares outstanding 120,000 120,000

Market price of common stock $36 $40

How much profit did Nicklaus Company generate out of each dollar of sales during 2017?