Part 3 Problem Sets [10 points] Prompts 3.1, 3.2, and 3.3 utilize the following information: The following information is available for Gorgoth Company: Sales revenue $678,000 Sales returns 40,000 Sales allowances 20,000 Cost of goods sold 408,000 Operating expenses 112,000 Interest expense 18,000 Interest revenue 22,000

Prompt #3.1 [5 points] Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022.

Prompt #3.2 [3 points] Compute the gross profit margin.

Prompt #3.3 [2 points] Compute Net Income as a Percentage of Gross Sales.