Presented Below Is Information for Annie Company for the Month

Essay

Presented below is information for Annie Company for the month of March 2018. $$\begin{array} { l r l r } \text { Cost of goods sold } & \$ 245,000 & \text { Rent expense } & \$ 36,000 \\\text { Freight-out } & 7,000 & \text { Sales discounts } & 8,000 \\\text { Insurance expense } & 5,000 & \text { Sales returns and allowances } & 11,000 \\\text { Salaries and wages expense } & 63,000 & \text { Sales revenue } & 410,000\end{array}$$ Instructions
(a) Prepare a multiple -step income statement.
(b) Compute the gross profit rate.