Owen Wise, Inc. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 13 2022 T U $150,000 90,000 32,000 T 18,000 $10,000 2021 181 $120,000 72,000 Determine the company's gross profit rate and profit margin for both years. Discuss the cause for changes in the ratios. 16,000 10,000 $22.000 H THI = 1170 T 1.6 14

Owen Wise, Inc reported the following in its 2022 and 2021 income statements. Determine the company's gross profit rate and profit margin for both years. Discuss the cause for changes in the ratios