1. At the beginning of the year, Flint had an inventory of $375000. During the year, the company purchased goods costing $1060000. If Flint reported ending inventory of $400000 and sales of $1420000, their cost of goods sold and gross profit rate would be

2. Financial information is presented below:

Operating expenses$ 55000

Sales returns and allowances3000

Sales discounts9000

Sales revenue200000

Cost of goods sold87000

The profit margin ratio would be