Sheffield Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income Gross profit rate 2022 Profit margin $160,000 96,000 33,600 2022 18,800 $ 11,600 2021 $130,000 78,000 15,600 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g: 52.7%.) 10,800 $25,600 % % 2021 % %

Shetfield Cora. reported the following in its 2022 and 2021 income statements. Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)