Presented below is information for Cullumber Company for the month of January 2022.

Cost of goods sold		$276,000		Rent expense		$34,000
Freight-out		7,000		Sales discounts		6,600
Insurance expense		11,700		Sales returns and allowances		9,000
Salaries and wages expense		44,000		Sales revenue		434,000

Prepare a multiple-step income statement.

Calculate the profit margin and the gross profit rate. (Round answers to 2 decimal places, e.g. 15.25.)

Profit margin		enter percentages rounded to 0 decimal places
Gross profit rate		enter percentages rounded to 0 decimal places