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 $31.$

$\backslash$table$[[$Advertising Expense,$10,500],[$Cost of Goods Sold,$87,200],[$Delivery Expense,$4,700],[$Insurance Expense,$1,500],[$Income Tax Expense,$6,320],[$Rent Expense,$11,600],[$Interest Expense,$2,000],[$Sales Revenue,$161,700],[$Sales Discounts,$10,400],[$Sales Returns & Allowances.,$18,000]]$

Requlred:

a$.$ Prepare a multistep income statement. Include all operating expenses in one line item called "Selling. General and Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$).$ net".

b$.$ Compute the gross profit percentage.

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Required A

Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".