In its income statement for the year ended December 31, 2017, Sandhill Co, reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $697,500 1,480,500 106,500 97,500 465,000 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $ 125,250 3,315,000 37,500 240,000 165,000 Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.) Profit margin Gross profit rate