A company reports the following: Net sales ....................................... $2,760,000 Gross profit .................................... 975,000 Net income..................................... 238,000 Determine

Question:

A company reports the following:
Net sales ....................................... $2,760,000
Gross profit .................................... 975,000
Net income..................................... 238,000
Determine (a) the company's profit margin and (b) the company's gross margin.