CP 5-5 12 11 The following information is taken from the records of Smith Corp. at June 30, 2019, the fiscal year-end: Advertising expense Commissions expense Cost of goods sold Delivery expense Insurance expense Rent expense Salaries expense Sales (gross) $ 1,500 4,000 50,000 1,000 1,000 2,500 00 5,000 72,000 Sales returns and allowances 2,000 Required: 1. Prepare a classified income statement. Assume all expenses not related to cost of goods sold are selling expenses. 2. Compute gross profit percentage