QS $13-15$

Computing profit margin and return on total assets P$3$

Edison Co$.$ reported the following for the current year: net sales of $$80,000$; cost of goods sold of $$56,000$; net income of $$16,000$; beginning balance of total assets of $$60,000$; and ending balance of total assets of $$68,000.$ Compute $($a $)$ profit margin and $($b $)$ return on total assets.