Current Attempt in Progress Presented below is information for Wildhorse Company for the month of January 2022. Cost of goods sold $274,000 Rent expense $36,000 Freight-out 6,600 Sales discounts 5,100 Insurance expense 12,300 Sales returns and allowances 9.000 Salaries and wages expense 41.000 Sales revenue 423,000 X Your answer is incorrect. Calculate the profit margin and the gross profit rate. (Round answers to 2 decimal places, e.g. 15.25.) Profit margin 9.42% Gross profit rate 33.81%