Exercise 5-09 a-b (Part Level Submission) In its income statement for the year ended December 31, 2022, Sheridan Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $418,500 888,300 65,320 58,500 279,000 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $75,150 1,989,000 22,500 144,000 99,000 Sheridan Company Income Statement For the Year Ended December 31, 2022 X Total Revenues Sales Revenue 1989000 Less Sales Discounts 144000 Net Sales 1845000 Cost of Goods Sold 888300 Gross Profit 956700 Operating Expenses Salaries and Wages Expense 418500 Utilities Expense 99000 Depreciation Expense 279000 Total Operating Expenses 796500 Income From Operations 160200 Other Revenues and Gains Interest Revenue 58500 Other Expenses and Losses Interest Expense 65320 Loss on Disposal of Plant Assets 75150 81970 Income Before Income Taxes 78230 Income Tax Expense 22500 Net Income / (Loss) 55730 (b) Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.) Profit margin % Gross profit rate %