question d)

NOVAK HARDWARE STORE INC. Income Statement (Partial) Month Ended May 31, 2018 Grossore Sales 15300 Less Sales Returns and Allowances 130 1 Sales Discounts 120 2501 Net 11050 7800 Cost of Goods Sold 3170 Gross pront Attempts: 2 of 2 used (d) Calculate the profit margin and the gross profit margin. Assume operating expenses were $1,480 and income tax expense was $260.) (Round answers to i decimal place. es. 17.5%) Profit margin % % Gross profit margin e Textbook and Media List of Accounts Attempts: 0 of 2 used Submit Answer Save for Later