Problem 5-04A (Part Level Submission) Pharoah Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 26,400 17,100 68,000 8,000 35,000 609,960 6,440 159,160 13,700 12,000 2,000 10,000 9,000 5,000 26,100 43,500 6,000 33,500 34,000 14,100 118,740 904,000 6,000 20,000 10,300 Additional data: Notes payable are due in 2026. (b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%) % Profit margin Gross profit rate % Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS