Exercise SA-y a-D Presented below is information for Teal Company for the month of March 2017. Purchases $207,666 Rent expense $ 31,000 Freight-in 8,000 Sales discounts 9,000 Purchase returns and allowances 7,000 Sales returns and allowances 13,000 Salaries and wages expense 57,000 Sales revenue 348,000 Beginning inventory was $45,000, and ending inventory was $61,000.Prepare a multiple-step income statement. TEAL COMPANY Income Statement For the Month Ended March 31, 2017 : Sales 4b Less c , 1b {b 1b {b 1b 1b Net sales less: Costs of goods sold 1! Gross Prot 1} " Operating Expenses Salaries and Wages Expense Rent Expense {D Total Operating Expenses Cost of Goods Purchased Compute the gross prot rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate 47-55% % $326,000 57,000 $192,666 155,334 88,000 67,334