In 2018, Sheffield Corporation reported net sales of $254,500, cost of goods sold of $133,700, operating expenses of $48, 100, and income tax expense of $18,700. In 2017, it reported net sales of $201,900, cost of goods sold of $113,800, operating expenses of $43,500, other revenues of $9,700, and income tax expense of $16,000. Calculate the gross profit and net income for each year. 2018 2017 Gross profit $ $ Net income $ $ Calculate the gross profit margin and profit margin for each year. (Round answers to 1 decimal place, e.g. 5.2%.) 2018 2017 %6 Gross profit margin % % Profit margin