Multiple Choice
Given the following information for Mouse Inc. for the year 20X1:
- Net Sales: \$500,000
- Cost of Goods Sold: \$320,000
- Operating Expenses: \$100,000
- Interest Expense: \$10,000
- Income Tax Expense: \$14,000
Calculate Mouse Inc.'s profit margin for the year 20X1.
Profit margin is calculated as:
\[
\text{Profit Margin} = \frac{\text{Net Income}}{\text{Net Sales}} \times 100\%
\]


