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Compute the gross profit rate

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Reference no: EM132083517

Presented below is information for Jorge Company for the year ended March 31, 2012.

Cost of goods sold $222,770 Rent expense $35,470
Freight-out 7,147 Sales discounts 8,229
Insurance expense 14,820 Sales returns and allowances 13,982
Salary expense 61,560 Sales 389,740

Instructions

(a) Prepare a multiple-step income statement. (List amounts from largest to smallest e.g. 10, 5, 3, 2.)

(b) Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 10.50.)

Reference no: EM132083517

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