Presented below is information for Lieu Co. for the month of January 2017.

Cost of goods sold $212,000 Rent expense $ 32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 60,000 Sales revenue 370,000 Income tax expense 5,000 Other comprehensive income

(net of $400 tax) 2,000 Instructions

(a) Prepare an income statement using the format presented in Illustration 5-11.

(b) Prepare a comprehensive income statement.

(c) Calculate the profi t margin and the gross profi t rate.