Required Information The following information applies to the questions displayed below) Teddy's Toys sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2018 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar 1, 2018) Interest expense $70,300 Cost of goods sold 5,000 Inventory (Mar 31, 2018) 2,900 Insurance expense 6.100 Sales discounts 2,100 Salaries expense 1300 Income tax expense $35.100 1.200 1.600 2.300 8,000 2.800 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2018. Teddy's Toys Multiple-step Income Statement For the month of March, 2018 Net sales: Total sales revenue Net sales revenue Operating expenses: 0 Total Operating income Non-operating items Total 0 Required information [The following information applies to the questions displayed below.) Teddy's Toys sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2018. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1. 2018) Interest expense $70,300 5,000 2.900 6,100 2,100 1,300 Cost of goods sold Inventory (Mar. 31, 2018) Insurance expense Sales discounts Salaries expense Income tax expense $35,100 1,200 1,600 2,300 8,000 2,800 2. Calculate the gross profit ratio for the month of March. (Round your answer to 1 decimal place after converting to a percentage.) GO PU Halo