TB Problem $6-197($Algo$)$ The following is a listing of the income statement...

The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December $31.$

$\backslash$table$[[$Advertising Expense,$],[$Cost of Goods Sold,$11,400],[$Delivery Expense,$89,000],[$Insurance Expense,$4,300],[$Income Tax Expense,$1,400],[$Rent Expense,$6,000],[$Interest Expense,$10,600],[$Sales Revenue,$1,300],[$Sales Discounts,$161,900],[$Sales Returns & Allowances,$10,000],[,18,900]]$

Required:

a$.$ Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".

b$.$ Compute the gross profit percentage.

Complete this question by entering your answers in the tabs below.

Required B

Compute the gross profit percentage. $($Round your answer to $1$ decimal place $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}3).)$

Gross Profit

$6$