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 & Allowances $10,700 88,100 5,000 500 6,760 10,700 1,500 161,000 9,100 18,500 Required: a. Prepare a multistep income statement. b. Compute the gross profit percentage. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $10,700 88,100 5,000 500 6,760 10,700 1,500 161,000 9,100 18,500 Required: a. Prepare a multistep income statement. b. Compute the gross profit percentage. 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 Compute the gross profit percentage. Gross Profit %