Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book-keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format):

BIG TOMMY CORPORATION Profit and Loss December 31
	Debit		Credit
Sales			$	460,000
Cost of Goods Sold	$	295,000
Sales Returns and Allowances		11,600
Sales Discounts		7,000
Salaries and Wages Expense		62,000
Office Expense		19,000
Travel Expenses		1,000
Income Tax Expense		19,320
Net Profit		45,080
Totals	$	460,000	$	460,000

1a) Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales.

1b) Then, compute the gross profit percentage. (Round your answer to 1 decimal place.)