(b) Calculate the profit margin and gross profit rate. (Round answers to O decimal places, e.g. 15%.) Profit margin % Gross profit rate % e Textbook and Media List of Accounts Save for Later In its income statement for the year ended December 31, 2022, Concord Corporation reported the following condensed data. Salaries and wages expenses $399,900 Loss on disposal of plant assets $71,810 Cost of goods sold 848,820 Sales revenue 1,900,600 Interest expense 59,640 Income tax expense 21,500 Interest revenue 55,900 Sales discounts 137,600 Depreciation expense 266,600 Utilities expense 94,600