Presented below is information for Furlow Company for the month of March 2014.
|
Cost of goods sold |
$212,000 |
Rent expense |
$ 32,000 |
|
Freight out |
7,000 |
Sales discounts |
8,000 |
|
Insurance expense |
6,000 |
Sales returns and allowances |
13,000 |
|
Salaries and wages expense |
58,000 |
Sales revenue |
380,000 |
Instructions
(a) Prepare a multiple step income statement.
(b) Compute the gross profit rate.