Arlington Merchants reported the following on its income statement for the fiscal years ended December 31, 2020 and 2019. 2020 Sales Cost of goods sold Gross profit Operating expenses Profit $4,858,000 3,259,718 1,598,282 879,298 $718.984 2019 $4,752,000 3,198,096 1,553,904 902.880 $651,024 Calculate the gross profit margin for Arlington for 2019 and 2020. (Round answers to 1 decimal place, eg. 52.7%.) Gross profit margin 2020 % 2019 Calculate the profit margin for Arlington for 2019 and 2020. (Round answers to 1 decimal place, eg 527%) Profit margin 2020 % 2019 % For each ratio calculated in (a) and (b) above, comment if the ratio has improved or deteriorated from 2019 to 2020. The gross profit margin has from 2019 to 2020. The profit margin has from 2019 to 2020. Prepare journal entries to record the following sales transactions in Sheridan Company's books. Sheridan uses a perpetual inventory system Mar. 12 13 14 Sheridan sold $23,000 of merchandise to Jarek Company, terms 2/10,n/30, FOB destination. The cost of the merchandise sold was $12.190. The correct company paid freight costs of $175. Jarek returned $3,000 of the merchandise purchased on March 12 because it was damaged. The cost of the merchandise returned was $1,060. Sheridan examined the merchandise, decided it was no longer saleable, and discarded it Sheridan received the balance due from Jarek. 22 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit