M & M has provided the following comparative income statements and supplemental information: 
Required:
a.Calculate M & M's gross margin percentage for 2021.
b.Calculate M & M's price/earnings ratio for 2021.
c.Calculate M & M's dividend payout ratio for 2021.
Definitions:
Domestic Output
Domestic output, also known as gross domestic product (GDP), is the total value of all goods and services produced within a country's borders in a specific time period.
Federal Government Revenue
The income the federal government receives from taxes, fees, and earnings from its investments, used to fund public services and obligations.
Corporate Income Taxes
Taxes imposed on the income of corporations, which are calculated based on the profits these firms generate.
Property Taxes
Taxes levied by local governments based on the value of real estate property owned by individuals or businesses.
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