Local Co. has sales of $10.3 million and cost of sales of $6.3 million. Its selling, general and administrative expenses are $460,000and its research and development is $1.1 million. It has annual depreciation charges of $1.1 million and a tax rate of 35% . a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin?