Presented below is information for Furlow Company for the month of March 2017. Cost of goods sold $231,460 Rent expense $30,380 Freight-out 6,860 Sales discounts 7,680 Insurance expense 5,900 Sales returns and allowances 13,120 Salaries and wages expense 58,280 Sales revenue 393,970 (a.)Prepare a multiple-step income statement. (b) Compute the gross profit rate.