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Calculate the profit margin and the gross profit margin. (Assume operating expenses were $1,310. and income tax expense was $280.) (Round answers to 1 decimal place, eg. 17.5%.) Profit margin % Gross profit margin % Pronghorn Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Pronghorn's ledger showed Cash of $7,900 and Common Shares of $7,900. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7.900, terms 2/10,n/30. 2 un 5 9 10 11 12 15 17 Sold merchandise on account for $4.400, terms 3/10,n/30. The cost of the merchandise sold was $3,520. Received credit from Hilton Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $950. Purchased merchandise for cash $2,720. Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,600, terms 2/10, 1/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,760. The cost of the merchandise sold was $3,630. Purchased merchandise from Toolware Inc for $840, terms 3/10,n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $130. The returned merchandise was returned to inventory and had cost $90. Sold merchandise on account for $1,210, terms n/30. The cost of the merchandise sold was $880. 19 24 25 27 29 31 Pronghorn Hardware uses a perpetual inventory system