Part B

Brief Exercise 5-10 (Part Level Submission) In 2018, Swifty Corporation reported net sales of $244,000, cost of goods sold of $126,900, operating expenses of $51,400, and income tax expense of $18,200. In 2017, it reported net sales of $192,500, cost of goods sold of $116,000, operating expenses of $42,100, other revenues of $9,200, and income tax expense of $16,000. (a) Your answer is correct. Calculate the gross profit and net income for each year. 2018 2017 Gross profit 117100 76500 Net Income 47500 27600 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 15 used (b) Your answer is partially correct. Try again. Calculate the gross profit margin and profit margin for each year. (Round answers to 1 decimal place, e.g. 5.2%.) 2018 2017 Gross profit margin 48 % % X x Profit margin