Presented below is information for Obley Company for the year ended March 31, 2010. Cost of goods sold $212,000 Rent expense $32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Salary expense 58,000 Sales 370,000 Instructions (a) Prepare a multiple-step income statement. (List amounts from largest to smallest eg 10, 5, 3, 2.) OBLEY COMPANY Income Statement For the Year Ended March 31, 2010 Sales revenues $ Less: $ Net sales Gross profit Operating expenses Total operating expenses Net income $ (b) Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 10.50.) % Click here if you would like to Show Work for this