Questions: Mechforce Manufacturing's net income was 580,000 on sales of 18 million. Average assets for the year were 12 million. Margin for the year was: Multiple Choice 20% 4.2 % 16 % 328

Mechforce Manufacturing's net income was 580,000 on sales of 18 million. Average assets for the year were 12 million. Margin for the year was: Multiple Choice 20% 4.2 % 16 % 328
Transcript text: Mechforce Manufacturing's net income was $\$ 580,000$ on sales of $\$ 18$ million. Average assets for the year were $\$ 12$ million. Margin for the year was: Multiple Choice 20\% $4.2 \%$ $16 \%$ 328
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Solution

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Solution Steps

Step 1: Calculate the profit margin.

Profit Margin = (Net Income / Sales) * 100 Profit Margin = ($580,000 / $18,000,000) * 100 Profit Margin = 0.0322 * 100 Profit Margin = 3.22%

Final Answer

3.2% (approximately)

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