Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,331.) (Round answers to 1 decimal place, e.g. 15.5%.)

Profit margin		enter percentages rounded to 1 decimal place	%
Gross profit rate		enter percentages rounded to 1 decimal place	%

SANDHILL HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2022 Sales Sales Revenue $ 12280.00 Less Sales Returns and Allowances $ 118.00 i Sales Discounts 110.00 i 228 i Net Sales 120 .00 Cost of Goods Sold 9196.00 i Gross Profit $ $ 2856.00 List of Accounts