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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

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 companys fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.

Accounts Payable

$ 28,944

Accounts Receivable

18,576

Accumulated DepreciationEquipment

73,440

Cash

8,640

Common Stock

37,800

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

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%)

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