Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Cranes ledger showed Cash of $8,300 and Common Stock of $8,300. May 1 N 5 5 9 10 11 12 15 Purchased merchandise on account from Black Wholesale Supply for $8,300, terms 1/10,n/30. Sold merchandise on account for $4,700, terms 2/10,n/30. The cost of the merchandise sold was $3,600. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $900. Purchased merchandise for cash $3,300. Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $2,700, 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. Purchased merchandise from Clasps Inc for $800, terms 3/10,n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $82. Sold merchandise on account for $1.280, terms n/30. The cost of the merchandise sold was $857. 17 19 24 25 27 29 31 Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,469.) (Round answers to 1 decimal place, eg. 15.5%.) Profit margin % Gross profit rate %