BUSES FASHION CENTER, INC

Information given for the month ended November 30, 2019 is below.

Sales Revenue $757,200

Sales Returns and Allowances 6,200

Cost of Goods Sold 505,400

Salaries and Wages Expense 110,000

Supplies Expense 4,800

Depreciation Expense 20,000

Advertising Expense 26,400

Utilities Expense 14,000

Maintenance and Repairs Expense 12,100

Freight-Out 11,700

Rent Expense 24,000

Interest Expense 4,400

Income Tax Expense 3,000

1. Prepare a multiple step income statement for November 30, 2019.
2. Calculate profit margin and gross profit rate.