eTextbook and Media List of Accounts x Your answer is incorrect. Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,331.) (Round answers to 1 decima place, e.g. 15.5%) Profit margin 12.41 % Gross profit rate 22.33 % eTextbook and Media Assistance Used List of Accounts Save for Later Attempts: unlimited Submit Answer WileyPLUS Assignments Question 3 of 6 0.75 / 1 SANDHILL HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2022 Sales Sales Revenue 12280 Less Sales Returns and Allowances 118 i Sales Discounts 110 i 228 i Net Sales 12052 Cost of Goods Sold 9196 i $ 2856 Gross Profit e Textbook and Media List of Accounts