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Sheffield Corp. reported net sales $735,000, cost of goods sold $514,500, operating expenses $120,000, and net income $59,535. Calculate the profit margin and gross profit

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Sheffield Corp. reported net sales $735,000, cost of goods sold $514,500, operating expenses $120,000, and net income $59,535. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20\%. Round Gross profit rate answer to 0 decimal place, e.g. 10\%.) Profit margin % Gross profit rate %

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