In 2021, Swifty Corporation reported sales of $ 274,500, cost of goods sold of $ 132,858, operating expenses of $ 50,700, and income tax expense of $ 19,572. In 2020, it reported sales of $ 191,500, cost of goods sold of $ 118,730, operating expenses of $ 36,400, other revenues of $ 11,000, and income tax expense of $ 14,815.

In 2021, Swifty Corporation reported sales of $ 274,500, cost of goods sold of $ 132,858, operating expenses of $ 50,700, and income tax expense of $ 19,572. In 2020, it reported sales of $ 191,500, cost of goods sold of $ 118,730, operating expenses of $ 36,400, other revenues of $ 11,000, and income tax expense of $ 14,815. (a) Your answer is correct. Calculate the gross profit and net income for each year. 2021 2020 Gross profit $ 141642 $ 72770 Net income $ 71370 $ 32555 e Textbook and Media Attempts: 1 of 3 used Calculate the gross profit margin and profit margin for each year. (Round answers to 1 decimal place, e.g. 5.2%.) 2021 2020 Gross profit margin % % Profit margin % %