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Skysong, Inc. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income

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Skysong, Inc. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $138,000 82,800 30,360 16,800 $ 8,040 2021 $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, e.g. 52.7%) 2022 2021 % % Gross profit rate % % Profit margin

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