The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $43.678 and expenses by $63.288. Comple the expected new net income. Then, compute the revised profit margin and gross profit rate. (Ignore income tax effects.) Accounts Payable $28,944 Accounts Receivable 18,576 Accumulated Depreciation-Equipment 73,440 Cash 8,640 Common Stock Cost of Goods Sold 663,444 Freight-Out 6,696 Equipment 169,560 Depreciation Expense 14,580 Dividends 12,960 Gain on Disposal of Plant Assets 2,160 Income Tax Expense 10,800 Insurance Expense 9,720 Interest Expense 5.400 Inventory 28,296 Notes Payable 46,980 Prepaid Insurance 6.480 Advertising Expense 36,180 Rent Expense 36,720 Retained Earnings 15.336 Salaries and Wages Expense 126,360 Sales Revenue 976,320 Salaries and Wages Payable 6.480 Sales Returns and Allowances 21,600 Utilities Expense 11.448