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Current Attempt in Progress Whispering Winds Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $148,000 88,800 26,640 17,800 $ 14,760 2021 $118,000 70,800 17,700 9,800 $ 19,700 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%.) 2022 2021 Gross proftrate Profit margin Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $492,200 of merchandise to Cullumber Co., on account, terms 2/10,n/30. The cost of the merchandise sold was $325,100. On December 8, Cullumber Co. was granted an allowance of $22,900 for merchandise purchased on December 3. On December 13, Marin Company received the balance due from Cullumber Co. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Marin. Marin uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record sale of merchandise on account) (To record cost of merchandise sold on account)