Smith and Smith Coporation has the following income statement for 2021 is as follows: Sales Cost of goods sold $2,920,000 2,250,000 Gross profit Selling and administrative expense 670,000 304,000 Operating profit Interest expense 366,000 54,500 Income before taxes Taxes (30%) 311,500 93,450 Income after taxes $218,050 a. Compute the profit margin in 2021. (Round the final answer to 2 decimal places.) Profit margin % b. Assume in 2022 sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep all other expenses the same. Once again, assume a tax rate of 30 percent. What are the income after taxes and profit margin in 2022? (Round the profit margin to 2 decimal places.) 2022 $ S Income after taxes Profit margin