Presented below is information for Cullumber Company for the month of January 2022. Cost of goods sold $215,040 Rent expense $29,400 Freight-out 5.880 Sales discounts 6,720 Insurance expense 10,080 Sales returns and allowances 10,920 Salaries and wages expense 35,280 Sales revenue 353,640 Prepare a multiple-step income statement. CULLUMBER COMPANY Income Statement $ Calculate the profit margin and the gross profit rate. (Round answers to 2 decimal places, eg, 15.75.) % Profit margin Gross profit rate %