Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income...
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Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $166,000 $136,000 Cost of goods sold 99,600 81,600 34,860 14,960 Operating expenses 11,400 Income tax expense 19,400 $12,140 28,040 Net income Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate % Profit margin 6 pen Show Work Click if you would like to Show Work for this question: LINK TO TEXT
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