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		$11,800
Cost of Goods Sold		88,400
Delivery Expense		4,300
Insurance Expense		1,400
Income Tax Expense		5,840
Rent Expense		11,000
Interest Expense		1,900
Sales Revenue		160,500
Sales Discounts		9,600
Sales Returns & Allowances		17,500

Required:

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