Sandhill Company had the following normal account balances on selected accounts at December 31, 2022: Sales Revenue $776,000 Sales Returns and Allowances 60,000 Sales Discounts 47,600 Cost of Goods Sold 476,800 Freight-Out 2,400 Advertising Expense 18,000 Interest Expense 23,200 Salaries and Wages Expense 101,200 Utilities Expense 28,400 Depreciation Expense 4,800 Interest Revenue 30,000 MCCOY COMPANY Income Statement For the Month Ended December 31, 2022 December 31, 2022 For the Year Ended December 31, 2022 $ > > > +A $ Dividends Net Income/(Loss) Retained Earnings, January 1 Retained Earnings, December 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Income Before Income Taxes Total Operating Expenses C Other Revenues and Gains Other Expenses and Losses Income From Operations profit rate. (Round answers to 1 decimal places, e.g. 15.2%.) Calculate the profit margin and gross profit rate. (Round answers to 1 decimal places, e.g. 15.2%.) Profit margin Gross profit rate % %