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Local Co. has sales of $10.3 million and cost of sales of $5.9 million. Its selling, general and administrative expenses are $480,000 and its research and development is $1.4 million. It has annual depreciation charges of $1.4 million and a tax rate of 35%. a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin? a. What is Local's gross margin? Local's gross margin is %. (Round to one decimal place.) Chutes & Co. has interest expense of $1.26 million and an operating margin of 10.3% on total sales of $29.9 million. What is Chutes' interest coverage ratio? The interest coverage ratio is times. (Round to one decimal place.)