Question 1 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold $218,200 Rent expense $34,600 Freight-out 9,600 Sales discounts 10,000 Insurance expense 13,100 Sales returns and allowances 19,400 Salaries and wages expense 62,800 Sales revenue 396,000 Income tax expense 5,500 Other comprehensive income (net of $400 tax) 2,000 Your answer is correct. Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement For the Month Ended January 31, 2022, Sales Sales Revenue 396000 Less Sales Returns and Allowances 19400 Sales Discounts 10000 29400 Net Sales 366600 Cost of Goods Sold 218200 Gross Profit 148400 Operating Expenses Salaries and Wages Expense 62800 Rent Expense 34600 Insurance Expense 13100 Freight-Out 9600 Total Operating Expenses 1201001 Income Before Income Taxes 28300 Income Tax Expense 5500 Net Income / (Loss) 22800 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO VIDEO x Your answer is incorrect. Try again. Prepare a comprehensive income statement. x Your answer is incorrect. Try again. Prepare a comprehensive income statement. ORIOLE CO. Comprehensive Income Statement For the Year Ended January 31, 2022 s by Study SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is correct. Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) 6.2 1% Profit margin Gross profit rate 40.5% Click if you would like to Show Work for this question: Open Show Work