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		$11,200
Cost of Goods Sold		87,200
Delivery Expense		5,200
Insurance Expense		1,400
Income Tax Expense		5,840
Rent Expense		11,300
Interest Expense		2,000
Sales Revenue		161,300
Sales Discounts		11,000
Sales Returns & Allowances		17,400

Required:

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