Sheridan Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $140,000 84.000 32,200 17,000 $ 6,800 2021 $110,000 66,000 13,200 9,000 $21,800 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)