Office Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Salaries and Wages Expense Sales of Merchandise on Cash Sales of Merchandise for Credit $ 19,400 169,000 18,940 7.290 41,800 248,000 43,600 References Section Break E6-21 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-5) 21. O.s points 0.50 points E6-21 Part 1 Required: 1. Prepare a multistep income statement for internal reporting purposes. Income Statement For the Year Ended December 31 Revenues Sales Revenue Less: Sales Returns and Allowances Net Sales Cost of Goods Sold $ 291,600 (7.290 284,310 (169,000) Gross Profit 115,310 rating Expenses Salaries and Wages xpense S (41,800) Total Operating Expenses (60,740) 54,570 Income from Operations