Reference no: EM132322230

Question

Windsor, Inc. reported the following in its 2017 and 2016 income statements.

 2017           2016           Net sales

$141,000      $112,800     Cost of goods sold

84,500         67,750        Operating expenses

30,000         15,000        Income tax expense

17,000         9,500          Net income

$ 9,500        $20,550

Determine the company's gross profit rate and profit margin for both years

2017-2016

%Gross profit rate

%Profit margin