Cost of goods sold Freight-out $223,450 7.150 5,150 59,880 Rent expense Sales discounts Sales returns and allowances Sales revenue $34,010 7,250 12,300 Insurance expense Salaries and wages expense 390,860 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g.-45 or parentheses e.. (45).) Wildhorse Co. Income Statement eTextbook and Media List of Accounts Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate