Compute the gross profit rate.

Presented below is informstion for blue company for the month of march 2020.

(b) Your answer is incorrect. Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate % BLUE COMPANY Income Statement For the Month Ended March 31, 2020 Sales Sales Revenue 389.980 Less Sales Discounts 7850 i Sales Returns and Allowances 12940 20790 Net Sales 369.190 Cost of Goods Sold 216,210 Gross Profit 152980 Operating Expenses Freight Out 6120 Insurance Expense 5790 Salaries and Wages Expense 55590 33760 Rent Expense 101.260 Total Operating Expenses 51720 Net Income / (Loss) Presented below is information for Blue Company for the month of March 2020. $216,210 $ 33,760 Cost of goods sold Freight-out 6,120 7,850 Rent expense Sales discounts Sales returns and allowances Sales revenue Insurance expense 5,790 12,940 Salaries and wages expense 55,590 389.980