Victory's Companies, a home improvement store chain, reported the following summarized figures: E: (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Victory's has 30,000 common shares outstanding during 2018. Read the requirements. Requirement 1. Compute the profit margin ratio for Victory's Companies for 2018. Begin by selecting the formula to calculate Victory's Companies' profit margin ratio. Then enter the amounts and calculate the profit margin ratio for 2018. (Round your answer to one tenth of a percent, X.X%.) = Profit margin ratio Victory's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 40,900 $ 39,800 Cost of Goods Sold 20,600 24,900 Interest Expense 400 280 All Other Expenses 5,800 7,100 $ 14,100 $ 7,520 Net Income Victory's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash $ 2,300 $ 1,800 Total Current Liabilities 27,000 $ 13,200 13,300 10,300 Short-term Investments 26,000 12,000 Long-term Liabilities 5,300 Total Liabilities Accounts Receivable 7,100 40,200 23,600 Merchandise Inventory Stockholders' Equity 7,200 7,000 8,200 2,100 Other Current Assets Common Stock 12,000 29,400 12,000 17,800 Total Current Assets 49,600 32,000 All Other Assets 29,400 Retained Earnings 24,000 Total Equity 53,400 Total Liabilities and Equity 41,400 29,800 $ 81,600 $ 81,600 $ 53,400 Total Assets