gross profit

Presented below is information for Swifty Corporation for the month of January 2022. Cost of goods sold $231,044 Rent expense $33,000 Freight-out 6,000 Sales discounts 7,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense $9,000 Sales revenue 383,000 Swifty Corporation Income Statement For the Month Ended January 31, 2022 Sales $ 383000 Sales Revenue Less $ Sales Returns and Allowances i 20000 Sales Discounts 7000 27000 Net Sales 356000 Cost of Goods Sold 231044 Gross Profit 124956 Operating Expenses Freight-Out 6000 Insurance Expense 12000 i Salaries and Wages Expense 59000 Rent Expense 33000 i Total Operating Expenses 110000 Net Income /(Loss) 14956 (b) Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate %