[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 book-keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format):

BIG TOMMY CORPORATION Profit and Loss December 31
	Debit	Credit
Sales			$	540,000
Cost of Goods Sold	$	327,000
Sales Returns and Allowances		14,800
Sales Discounts		9,000
Salaries and Wages Expense		70,000
Office Expense		25,000
Travel Expenses		1,000
Income Tax Expense		27,960
Net Profit		65,240
Totals	$	540,000	$	540,000

2.	Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales.

3.	Compute the gross profit percentage.(Round your answer to 1 decimal place.)