Use this balance sheet and income statement for the first year of operations for Layton Novelties,Inc.to answer the following question.Use ending balances whenever average balances are required for computing ratios. 
The profit margin of Layton Novelties is
Definitions:
Cleaning Service
A company or service provided by workers who perform cleaning tasks for residential or commercial spaces.
Variable Cost Percentage
The ratio of variable costs to sales, used to assess how costs change in relation to changes in a business's sales volume.
Fixed Costs
Costs that do not fluctuate with the level of production or sales, such as rent, insurance, and salaries.
Sales Dollars
The total monetary value of sales transactions completed within a specific period.
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