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 $11,900

Cost of Goods Sold 88,400

Delivery Expense 4,300

Insurance Expense 900

Income Tax Expense 5,840

Rent Expense 11,800

Interest Expense 1,900

Sales Revenue 160,900

Sales Discounts 9,900

Sales Returns and Allowances 17,200

Required:

a. Prepare a multistep income statement.

b. Compute the gross profit percentage. (Round your answer to one decimal place (i.e., 0.1234 should be entered as 12.3).)