(Answered) Question - larkspur inc reported the following in its 2017

Accounting

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.

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