E Question Help P2-23 (similar to) Local Co has sales of $10.9 million and cost of sales of 56.2 million. Its seling, general and administrative expenses are $450,000 and its research and development is $1.5 million. It has annual depreciation charges of $1.3 million and a tax rate of 35% a. What is Locals gross margin? b. What is Local's operating margin? c. What is Locals net profit margin