Local Co. has sales of $10.9 million and cost of sales of $6.3 million. Its selling, general and administrative expenses are $470,000 and its research and development is $1.1 million. It has annual depreciation charges of $1.2 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? a. What is Local's gross margin? Local's gross margin is 96. (Round to one decimal place.)