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Multiple-step income statement and compute the gross profit

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Reference no: EM13554900

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.

Reference no: EM13554900

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