Presented below is information for Zhan Company for the month of January 2017 Cost of goods sold Freight-out Insurance expense Salaries and wages expense $280,000 7.000 12.000 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8.000 13,000 421,000 ZHAN COMPANY Income Statement For the Year Ended January 31, 2017 Net Sales Sales Revenue 421.000 Less :: Sales Returns and Allowances 13.000 Sales Discounts 8.000 121.000 Net Sales 400.000 Cost of Goods Sold 280.000 Gross Profit 120.000 Operating Expenses Freight-Dut 7.000 Insurance Expence 12.000 Salaries and Wages Expense 42.000 Rent Expense 35.000 Total Operating Expenses Net Income $ 24,000 (b) Calculate the profit margin and the gross profit rate. (Round answers to 2 decimal places, e.g. 15.75.) Profit margin Gross profit rate Save for Later Attempts: 0 of 1 used Submit