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$11,500Cost of Goods Sold87,400Delivery Expense4,900Insurance Expense1,100Income Tax Expense6,320Rent Expense10,500Interest Expense1,400Sales Revenue160,800Sales Discounts10,300Sales Returns & Allowances17,900

Required:

multistep income statement.

1. Compute the gross profit percentage.