Presented Below Is Information for Oakley Company for the Month

Essay

Presented below is information for Oakley Company for the month of March 2016. $$\begin{array} { l c l r } \text { Cost of goods sold } & \$ 254,000 & \text { Rent expense } & \$ 36,000 \\\text { Freight-out } & 7,500 & \text { Sales discounts } & 8,800 \\\text { Insurance expense } & 5,000 & \text { Sales returns and allowances } & 11,000 \\\text { Salaries and wages expense } & 75,000 & \text { Sales revenue } & 425,000\end{array}$$ Instructions
(a) Prepare a multiple -step income statement.
(b) Compute the gross profit rate.