Question - Larkspur, Inc. reported the following in its 2017 and 2016 income statements.
|
|
2017
|
2016
|
|
Net sales
|
$183,000
|
$146,400
|
|
Cost of goods sold
|
109,750
|
87,750
|
|
Operating expenses
|
39,000
|
19,500
|
|
Income tax expenses
|
22,000
|
12,250
|
|
Net Income
|
$12,250
|
$26,900
|
Determine the company's gross profit rate and profit margin for both years.