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		$11,300
Cost of Goods Sold		87,000
Delivery Expense		4,500
Insurance Expense		1,200
Income Tax Expense		6,240
Rent Expense		11,000
Interest Expense		1,600
Sales Revenue		160,600
Sales Discounts		9,600
Sales Returns & Allowances		18,800

Required:

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