CRANE COMPANY

Sales revenue $94,200

Sales returns and allowances 14000

Net sales 80200

Cost of goods sold 54200

Gross profit 26000

Operating expenses 14700

Net income 11300

SHERIDAN COMPANY

Sales revenue 103000

Sales returns and allowances 3000

Net sales 100000

Cost of goods sold 50000

Gross profit 50000

Operating expenses 34400

Net income 15600

Profit Margin CRANE COMPANY= SHERIDAN COMPANY=

Gross profit rate CRANE COMPANY= SHERIDAN COMPANY=

Kingbird, Inc. reported the following in its 2017 and 2016 income statements.

2017 2016

Net sales

$144,000 $115,200

Cost of goods sold

86,500 69,000

Operating expenses

30,750 15,250

Income tax expense

17,250 9,500

Net income

$ 9,500 $ 21,450

2017

Gross profit rate

enter percentages rounded to 1 decimal place

2016

Gross profit rate

enter percentages rounded to 1 decimal place

Profit margin

2017

enter percentages rounded to 1 decimal place

6.6%

2016

enter percentages rounded to 1 decimal place

18.6%