Compute the profit margin

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Reference no: EM131498035

Diagnostics Corporation of America income statement for 2015 is presented below:

Sales....................................................................................... $2,790,000

Cost of goods sold................................................................. 1,790,000

Gross profit........................................................................... 1,000,000

Selling and administrative expense......................................... 302,000

Operating profit..................................................................... 698,000

Interest expense..................................................................... 54,800

Income before taxes............................................................... 643,200

Taxes (30%)........................................................................... 192,960

Income after taxes.................................................................. $ 450,240

Compute the profit margin for 2015.

Reference no: EM131498035

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