Presented below is information for Jorge Company for the month of March 2012.
|
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.