VRE Pharoah Company Cullumber Company $87,000 $ Sales revenue Sales returns and allowances 5,000 81,000 126,000 Net sales Cost of goods sold 51,030 59,220 Gross profit Operating expenses 17,091 Net income 21,420 -11 Question 1 of 4 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, eg. 15.5%.) Pharoah Company Cullumber Company Profit margin % % 96 % Gross profit rate