Presented below is information for Jorge Company for the year ended March 31, 2012.

Cost of goods sold $222,770 Rent expense $35,470
Freight-out 7,147 Sales discounts 8,229
Insurance expense 14,820 Sales returns and allowances 13,982
Salary expense 61,560 Sales 389,740
Instructions

(a) Prepare a multiple-step income statement. (List amounts from largest to smallest e. g. 10, 5, 3, 2.)

JORGE COMPANY
Income Statement
For the Year Ended March 31, 2012
Sales revenues
Freight-outSales returns and allowancesSales discountsSalesCost of goods soldSalary expenseRent expenseInsurance expense $
Less: Sales returns and allowancesSalesCost of goods soldSalary expenseFreight-outSales discountsRent expenseInsurance expense $
Rent expenseFreight-outInsurance expenseSales discountsSalesSales returns and allowancesCost of goods soldSalary expense
Net sales
Rent expenseSales returns and allowancesInsurance expenseFreight-outCost of goods soldSales discountsSalesSalary expense
Gross profit
Operating expenses
Insurance expenseSales discountsSalesSales returns and allowancesCost of goods soldRent expenseFreight-outSalary expense
Cost of goods soldInsurance expenseSalesFreight-outSalary expenseSales returns and allowancesRent expenseSales discounts
Insurance expenseSalary expenseRent expenseSales discountsFreight-outSalesSales returns and allowancesCost of goods sold
Cost of goods soldSalary expenseRent expenseInsurance expenseFreight-outSales returns and allowancesSales discountsSales
Total operating expenses
Net income
$

(b) Compute the gross profit rate. (Round answer to 2 decimal places, e. g. 10.50.)

%