Exercise 6-12 Presented below is information for Oriole Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense $227,940 Rent expense $34,100 9,000 18,000 420,000 5,000 other comprehensive income (net of $400 tax) 2,000 20,671 Sales discounts 13,000 Sales returns and allowances 63,600 Sales revenue ORIOLE COMPANY Income Statement Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income/ (Loss) Comprehensive Income / (Loss) Prepare a comprehensive income statement. ORIOLE COMPANY Comprehensive Income Statement Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg. 15.2%.) Profit margin Gross profit rate