ABC Corporation reported the following in its 2018 and 2017 incomestatements. 2018 2017 Net sales $

ABC Corporation reported the following in its 2018 and 2017 incomestatements. 2018 2017 Net sales $            100,000                  120,000 Cost of goods sold                    46,000                     62,000 Operating expenses                    26,000                     34,000 Income tax expense                       7,000                        6,000 Net income $               28,000 $                18,000

Determine the company's gross profit rate and profit margin for each year.2018 2017 Gross profit rate Profit margin