Question - For the year ended May 31, 2015, NIKE, Inc. financial statements included the following data:
NIKE, Inc. Selected financial data
Revenues 30,601
Cost of sales 16,534
Gross profit 14,067
Total selling and administrative expense 9,892
Interest expense (net) 28
Other income/expense (net) (58)
Net income 3,273
Use this data to calculate the profit margin ratio.