Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Cullumbers' ledger showed Cash of $$7,200$ and Common Stock of $$7,200.$May $1$ Purchased merchandise on account from Black Wholesale Supply for $$7,200,$ terms $1/10,$ n$/30\mathrm{.}2$Sold merchandise on account for $$3,600,$ terms $2/10,$ n$/30.$ The cost of the merchandise sold was $$2,500\mathrm{.}5$Received credit from Black Wholesale Supply for merchandise returned $$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 $$900\mathrm{.}12$Purchased merchandise for cash $$2,300\mathrm{.}15$Received $$230$ refund for return of poor$-$quality merchandise from supplier on cash purchase$\mathrm{.}17$Purchased merchandise from Wilhelm Distributors for $$1,700,$ terms $2/10,$ n$/30\mathrm{.}19$Paid freight on May $17$ purchase $$250\mathrm{.}24$Sold merchandise for cash $$5,500.$ The cost of the merchandise sold was $$4,100\mathrm{.}252729$Purchased merchandise from Clasps Inc. for $$800,$ terms $3/10,$ n$/30..$Paid Wilhelm Distributors in full, less discount.Made refunds to cash customers for returned merchandise $$108.$ The returned merchandise had cost $$84\mathrm{.}31$Sold merchandise on account for $$1,280,$ terms n$/30.$ The cost of the merchandise sold was $$930.$Post the transactions to T$-$accounts. Be sure to enter the beginning cash and common stock balances. $($Post entries in the order of journal entries posted in part $($a$).$ Round answers to $0$ decimal places, e$.$g$.5,275.)$Prepare an income statement through gross profit for the month of May $2022.($Round answers to $0$ decimal places, e$.$g$.5,275.$CULLUMBER HARDWARE STOREIncome Statement $($Partial$)$Calculate the profit margin and the gross profit rate. $($Assume operating expenses were $$1,428.)($Round answers to $1$ decimal place, e$.$g$.15\mathrm{.}5\%.)$

Profit margin

Gross profit rate