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 $10,100 Cost of Goods Sold 87,600 Delivery Expense 5,900 Insurance Expense 900 Income Tax Expense 6,640 Rent Expense 11,000 Interest Expense 1,400 Sales Revenue 161,200 Sales Discounts 9,300 Sales Returns & Allowances 18,400

Required:

a. Prepare a multistep income statement.

b. Compute the gross profit percentage.

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 Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $10,100 87,600 5,900 900 6,640 11,000 1,400 161,200 9,300 18,400 Required: a. Prepare a multistep income statement. b. Compute the gross profit percentage. Required A Required B Prepare a multistep income statement. Mulberry Street Sportswear Income Statement For the Year Ended December 31 Net Sales $ 133,500 Cost of Goods Sold (87,600) Gross Profit 45,900 (27,900)| Selling, General, and Administrative Expenses Income from Operations Other Revenue (Expenses), net Income before Income Tax Expense Income Tax Expense (1,400) 6,640 Net Income Compute the gross profit percentage. Gross Profit %