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 10%. As a result, they estimate that gross profit will increase by $79,453 and expenses by $125,587. Compute the expected new net income. (Hint: You do not need to prepare an income statement.) Then, compute the revised profit margin and gross profit rate. 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\%) % CULLUMBER DEPARTMENT STORE Income Statement For the Year Ended November 30, 2025 Sales Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Advertising Expense Salaries and Wages Expense Utilities Expense Freight-Out Insurance Expense Depreciation Expense Rent Expense Total Operating Expenses Income From Operations Other Revenues and Gains Gain on Disposal of Plant Assets Other Expenses and Losses Interest Expense Income Before Income Taxes Income Tax Expense Net Income / (Loss) $ \begin{tabular}{|l|l|} \hline 26100 & i \\ \hline \end{tabular}