Kindly help me with this general accounting question Assume the Residential Division of Kitridge Faucets had the following results lastyear:Net sales, $3,060,000Operating income, $765,000Average total assets, $5,100,000Management's target rate of return, 18%What is the division's profit margin ratio?A. 25%B. 60%C. 400%D. 15%

Step 1: Define Profit Margin RatioThe net profit ratio or profit margin ratio is a profitability…

Answered: Assume the Residential Division of…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter14: Decentralized Operations

Section: Chapter Questions

Problem 3SEQ: Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of...

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Assume the Residential Division of Kitridge Faucets had the following results last year: Net sales, $3,060,000 Operating income, $765,000 Average total assets, $5,100,000 Management's target rate of return, 18% What is the division's profit margin ratio? A. 25% B. 60% C. 400% D. 15%