Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $36,984 Accounts Receivable 23,736 Accumulated Depreciation-Equipment 93,840 Cash 11,040 Common Stock 48,300 Cost of Goods Sold 847,734 Freight-Out 8,556 Equipment 216,660 Depreciation Expense 18,630 Dividends 16,560 Gain on Disposal of Plant Assets 2,760 13,800 Income Tax Expense Insurance Expense 12,420 Interest Expense 6,900 Inventory 36,156 Notes Payable 60,030 Prepaid Insurance 8,280 Advertising Expense 46,230 Rent Expense 46,920 Retained Earnings 19,596 Salaries and Wages Expense 161,460 Sales Revenue 1,247,520 Salaries and Wages Payable 8,280 Sales Returns and Allowances 27,600 Utilities Expense 14,628 Additional data: Notes payable are due in 2021. Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%) Profit margin % Gross profit rate % eTextbook and Media List of Accounts X Your answer is incorrect. 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 $55,811 and expenses by $80,868. Compute the expected new net income. Then, compute the revised profit margin and gross profit rate. (Ignore income tax effects.) Revised net income Revised profit margin (Round to 1 decimal place, e.g. 15.2%) % Revised gross profit rate (Round to 1 decimal place, e.g. 15.2%) %