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Sunland Company reported the following in its 2025 and 2024 income statements. 2025 2024 Net sales $152,000 $122,000 Cost of goods sold 88,160 70,760

Sunland Company reported the following in its 2025 and 2024 income statements. 2025 2024 Net sales $152,000 $122,000 Cost of goods sold 88,160 70,760 Operating expenses 30,400 14,640 Income tax expense 21,700 11,300 Net income $11,740 $25,300 (a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 Gross profit rate Profit margin 2025 2024 % % % do %

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