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 $ 10,300 Cost of Goods Sold 87,600 Delivery Expense 5,500 Insurance Expense 1,000 Income Tax Expense 6,480 Rent Expense 10,200 Interest Expense 1,500 Sales Revenue 160,700 Sales Discounts 11,000 Sales Returns & Allowances 17,400 Required: 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. 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. Administrative Expenses" and all non-operating revenues(expenses) in one line item ca \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ MULBERRY STREET SPORTSWEAR } \\ \hline \multicolumn{1}{|c|}{ Income Statement } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31 } \\ \hline Sales Revenue \\ \hline Sales Discounts & 160,700 \\ \hline Sales Returns and Allowances & 11,000 \\ \hline & 17,400 \\ \hline Net Sales \\ \hline Cost of Goods Sold & 132,300 \\ \hline Gross Profit & 87,600 \\ \hline Selling, General, and Administrative Expenses & \\ \hline Income from Operations & \\ \hline Other Revenue (Expenses), net \\ \hline Income before Income Tax Expense \\ \hline Income Tax Expense \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Required A Required B Compute the gross profit percentage. (Round your answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3 ).) Gross Profit %