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		$11,900
Cost of Goods Sold		87,400
Delivery Expense		4,600
Insurance Expense		1,400
Income Tax Expense		5,480
Rent Expense		11,900
Interest Expense		1,400
Sales Revenue		161,300
Sales Discounts		10,200
Sales Returns & Allowances		18,800

Required:

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