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In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data. Salaries and wages expenses $474,300 Loss on
In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.
Salaries and wages expenses | $474,300 | Loss on disposal of plant assets | $85,170 | |||
Cost of goods sold | 1,006,740 | Sales revenue | 2,254,200 | |||
Interest expense | 72,420 | Income tax expense | 25,500 | |||
Interest revenue | 66,300 | Sales discounts | 163,200 | |||
Depreciation expense | 316,200 | Utilities expense | 112,200 |
Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.)
Profit margin | Enter the profit margin in percentages rounded to one decimal place | % | |
Gross profit rate | Enter the gross profit rate in percentages rounded to one decimal place | % |
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