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Determine the company gross profit rate and profit margin

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Reference no: EM132140722

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.

Reference no: EM132140722

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