FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Bramble Corp. reported the following in its 2022 and 2021 income statements.

 

2022
2021
Net sales
$154,000
$124,000
Cost of goods sold
92,400
74,400
Operating expenses
27,720
16,120
Income tax expense
18,200
10,200
Net income
$ 15,680
$ 23,280
Determine the company's gross profit rate and profit margin for both years. (Round answers to
decimal place, e.g. 52.7%.)
2022
2021
Gross profit rate
%
%
Profit margin
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Transcribed Image Text:2022 2021 Net sales $154,000 $124,000 Cost of goods sold 92,400 74,400 Operating expenses 27,720 16,120 Income tax expense 18,200 10,200 Net income $ 15,680 $ 23,280 Determine the company's gross profit rate and profit margin for both years. (Round answers to decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate % % Profit margin
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