L0 6.6 (The following is select account information for August Sundries.

Sales: $850,360;

Sales Returns and Allowances: $148,550;

COGS: $300,840;

Operating Expenses: $45,770;

Sales Discounts: $231,820.

If August Sundries uses a multi-step income statement format, what is their gross margin?) Write in multi-step income statement format.