Victory's Companies Income Statement Years Ended May 31, 2024 and 2023 Net Sales Revenue Cost of Goods Sold Interest Expense \begin{tabular}{crr} 2024 & \multicolumn{1}{c}{2023} \\ \hline$51,200$ & 42,000 \\ 20,600 & 23,700 \\ 500 & 320 \end{tabular} All Other Expenses Net Income \begin{tabular}{rrr} \hline & 6,900 & 7,100 \\ \hline23,200 & 10,880 \\ \hline \end{tabular} Balance Sheet May 31, 2024 and 2023 Requirements 1. Compute the profit margin ratio for Victory's Companies for 2024. 2. Compute the rate of return on total assets for 2024 . 3. Compute the asset turnover ratio for 2024 . 4. Compute the rate of return on common stockholders' equity for 2024. 5. Are these rates of return strong or weak? Explain your reasoning Requirement 1. Compute the profit margin ratio for Victory's Companies for 2024 Begin by selecting the formula to calculate Victory's Companles' profit margin ratio. Then enter the amounts and calculate the profit margin ratio for 2024 . (Ro tenth of a percent, X% ) Profit margin ratio