Camarillo Company Income Statement For the Year Ended December 31, 20xx Revenues Net Sales $200,000 Interest income 17.500 Total revenues $217,500 Costs and expenses Cost of goods sold $60,000 Selling Expenses 20,000 General and administrative expenses 27,500 Interest expense 12,500 Total costs and expenses 120,000 Net Income $97.500 If the income statement were prepared in a multistep form, gross margin would be 1) $152,500 2) $140,000 3) $127.500 4) $97.500