Local Co. has sales of $10.4 million and cost of sales of $6.1 million. Its selling, general and administrative expenses are $520,000 and its research and development is $1.3 million. It has annual depreciation charges of $1.4 million and a tax rate of 28%. a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin? a. What is Local's gross margin? Local's gross margin is 41.3 %. (Round to two decimal places.) b. What is Local's operating margin? Local's operating margin is 10.38 %. (Round to two decimal places.) . What is Local's net profit margin? Local's net profit margin is %. (Round to two decimal places.)