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Skysong, Inc reported the following in its 2022 and 2021 income statements. 2021 Net sales Cost of goods sold Operating expenses Income tax expense Net
Skysong, Inc reported the following in its 2022 and 2021 income statements. 2021 Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $138,000 82,800 30,360 16,800 $8,040 $ 108,000 64,800 16,200 8,800 $ 18,200 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg 52.7%) 2022 2021 Gross profit rate % %6 Profit margin %% %6
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