Presented below is information for Ivanhoe Co. for the month of January 2025. Cost of goods sold $218,340 Rent expense $33,500 Freight-out 9,700 Sales discounts 8,600 Insurance expense 14,600 Sales returns and allowances 20,000 Salaries and wages expense 63,400 Sales revenue 392,500 Income tax expense 6,165 Prepare a multiple-step income statement. Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin Gross profit rate %