Margie's Hair Products, Inc.'s classified balance sheet and multistep income statement as of and for the year ended August 31, 2018 follow: (Click the icon to view the classified balance sheet.) (Click the icon to view the income statement.) Calculate the gross profit percentage and the net income percentage for Margie's Hair Products, Inc., for 2018. Start by calculating the gross profit percentage for 2018. Select the formula and then complete the calculation. (Round to the nearest one-hundredth of a percent, X.XX%.) = Gross profit % % Calculate the net income percentage for 2018. Select the formula and then complete the calculation. (Round to the nearest one-hundredth of a percent, X.XX%.) = Net Income % % Reference Margie's Hair Products, Inc. Income Statement Year Ended August 31, 2018 Sales revenue $ 36,000 17,500 Cost of goods sold Gross profit Total operating expenses Operating income (loss) 18,500 4,100 14,400 (350) Interest expense $ 14,050 Net income (loss) Print Done Done i Reference Margie's Hair Products, Inc. Balance Sheet August 31, 2018 Assets Current Assets: Cash $ 3,500 Accounts receivable 3,200 3,100 Inventory Estimated inventory returns 600 1,700 Prepaid rent Total current assets 12,100 25,100 Equipment, net $ 37,200 Total assets Liabilities Current Liabilities: $ 4,800 Accounts payable Salaries payable Estimated refund liability 600 650 1,900 Accrued liabilities Total current liabilities 7,950 16,000 Long-term notes payable Total liabilities Stockholders' Equity 23,950 13,250 Total stockholders' equity $ 37,200 Total liabilities and stockholders' equity Print Done