Dublin Corporation reported net sales of $250,000, cost of sales of $150,000, operating expenses of $50,000, net

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Question:

Dublin Corporation reported net sales of $250,000, cost of sales of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of $600,000. Calculate the profit margin and rate of gross profit. (Round answers to 1 decimal place, for example, 10.5%).