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 and Allowances $10,700 88,000 5,000 900 5,560 11,800 1,900 161,900 10,900 18,800 Required: a. Prepare a multistep income statement. Mulberry Street Sportswear Income Statement For the year ended December 31 Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Other Revenue (Expenses), net Income before Income Tax Expense income Tax Expense Net Income b. Compute the gross profit percentage. (Round your answer to one decimal place (i.e., 0.1234 should be entered as 12.3).) Gross Profit