In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data.

Salaries and wages expenses		$534,750		Loss on disposal of plant assets		$ 96,025
Cost of goods sold		1,135,050		Sales revenue		2,541,500
Interest expense		81,650		Income tax expense		28,750
Interest revenue		74,750		Sales discounts		184,000
Depreciation expense		356,500		Utilities expense		126,500

Prepare a multiple-step income statement

Calculate the profit margin and gross profit rate.