Exercise 5-6 Presented below is information for Zhou Co. for the month of January 2014. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $220,700 9,200 13,400 60,400 Sales revenue Rent expense Sales discounts Sales returns and allowances $33,500 9,890 19,400 394,500 Prepare an income statement using the multi-step format. Assume a 20% tax rate. ZHOU Co. Income Statement For the Month Ended January 31, 2014 # L Assignment page SHOW LIST OF ACCOUNTS Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin Gross profit rate SHOW LIST OF ACCOUNTS % %