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		$10,600
Cost of Goods Sold		87,300
Delivery Expense		4,100
Insurance Expense		1,400
Income Tax Expense		7,320
Rent Expense		10,100
Interest Expense		1,300
Sales Revenue		160,400
Sales Discounts		10,100
Sales Returns & Allowances		17,200

Required:

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