Required information (The following information applies to the questions displayed below.] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note The incorrect format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $460, 100 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $303,000 64,000 20,500 1,000 21,480 50, 120 $460,100 $460, 100 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. $ BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Expenses Salaries and Wages Expense Office Expenses Travel Expense 460,100 -303,000 157.100 64,000 20,500 1,000 Required information [The following information applies to the questions displayed below.] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $460, 100 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $303,000 64,000 20,500 1,000 21,480 50, 120 $ 460, 100 $ 460,100 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %