Rocking Chair Corporation reported net sales of $120,000, cost of goods sold of $90,000, operating expenses of $35,000, other expenses of $10,000, net income of $15,000. Calculate the following values. 1. Profit margin ratio. 2. Gross profit rate. Rocking chair corp sold merchandise for $57,000 cash during the month of July. Returns that month totaled $1,200. If the company's gross profit rate is 40%, Isabella's will report monthly net sales revenue and cost of goods sold of