Presented below is information for Obley Company for the month of March 2010.
|
Cost of goods sold |
$212,000 |
Rent expense |
$32,000 |
|
Freight out |
7,000 |
Sales discounts |
8,000 |
|
Insurance expense |
12,000 |
Sales returns and allowances |
13,000 |
|
Salary expense |
58,000 |
Sales |
370,000 |
Instructions
(a) Prepare a multiple step income statement.
(b) Compute the gross profit rate.