Presented below is information for Yates Co. for the month of January 2012. Cost of goods sold $212,000 Rent expense $32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 17,000 Salary expense 62,000 Sales 370,000 (a) Complete the income statement below. Assume a 25% tax rate. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.) YATES COMPANY Income Statement Sales revenues $ Less: $ Net Sales $ Gross Profit Operating expenses Total Operating Expenses Income before income taxes Net Income $ (b) Calculate the profit margin ratio and the gross profit rate. (Round ratio and rate to 1 decimal place, e.g. 5.1.) Profit margin ratio % Gross profit rate % Click here if you would like to Show Work for this