Question 2 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2022, Darren Company reported the following condensed data. Salaries and wages expenses $465,000 Loss on disposal of plant assets Cost of goods sold 987,000 Sales revenue Interest expense 71,000 Income tax expense Interest revenue 65,000 Sales discounts Depreciation expense 310,000 Utilities expense $83,500 2.210,000 25,000 160.000 110.000 The profit margin and gross profit rate are as follows: Profit margin 3% Gross profit rate 52% In 2021, Darren had a profit margin of 5%. Is the decline in 2022 a cause for concern? (Ignore income tax effects.) BI UT TIL 33 E 3 = 16 O Word(s) e Textbook and Media Attempts: 0 of 3 used