Net sales Cost of goods sold $220,000 $160,000 140,800 102,400 48,700 21,400 Operating expenses Income tax expense 14,000 9,000 Net income $ 16,500 $27,200 Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin