Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,512.) (Round answers to 1 decimal place, e.g. 15.5%.) Profit margin Gross profit rate Carla Vista Hardware Store completed the following merchandising transactions in the month of May. At the begi Vistas' ledger showed Cash of $7,800 and Common Stock of $7,800. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,800, terms 1/10, n/30. 5 Sold merchandise on account for $4,200, terms 2/10, n/30. The cost of the merchandise sold was $3,1 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $2,900. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 447 17 19 24 Purchased merchandise from Wilhelm Distributors for $2,300, terms 2/10, n/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $98. The returned merchandise had cost $9. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $780. Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit CARLA VISTA HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2022 98 i 84 182 10980 10798 7884 i 2914