apters 4,5,6 Question 25 of 45 View Policies Current Attempt in Progress Cullumber Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $130,000 78,000 23,400 16,000 $ 12,600 2021 $100,000 60,000 11,000 8,000 $ 21,000 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal 2022 2021 Gross profit rate % % Profit margin % % Save for Later Attempts: 0 of 1 use