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.

Advertising Expense		$12,000
Cost of Goods Sold		89,000
Delivery Expense		6,000
Insurance Expense		1,000
Income Tax Expense		2,000
Rent Expense		12,000
Interest Expense		5,000
Sales Revenue		160,000
Sales Discounts		11,000
Sales Returns & Allowances		19,000

Required:

1. Prepare a multistep income statement.
2. Compute the gross profit percentage.