Use the following information to calculate the Profit Margin Ratio The following year-end amounts are taken from the financial statements of the Cherokee Drive-In. Income Statement FYE 12/31/20 Sales Cost of goods sold Gross Profit Operating Expenses Net Income 1,262,000 944,400 317,600 222,400 95,200 Balance Sheet As of 12/31/20 Cash Short Term Investments Accounts Receivable Inventory Plant Assets 24,400 27,600 60,400 54,000 303,600 Accounts Payable Wages Payable Income Taxes Payable Long term Notes Payable Common Stock Retained Earnings 46,000 13,200 10,400 120,000 140,000 140,400 Total Asset 470,000 Total Liab & OE 470,000 Selected balance sheet amounts at 12/31/19: Total Assets 379,600 Common Stock 140,000 Retained Earnings 75,200