The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31 $ Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 21,600 178,000 20, 200 8,300 45,400 305,000 48,500 5 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting purposes. o oints eBook Print MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Sales revenue Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Selling expense Administrative expense 0 References 0 0 Income tax expense Net Income $ 0 2 2-a. What was the amount of gross profit? 10 points Gross profit eBook Print References 2-b. What was the gross profit percentage? Gross profit percentage 5 2-c. Which of the followingts) is true? (Select all that apply) 10 points LL The gross profit percentage is the average amount of gross profit earned on each dollar of net purchase The gross profit in cost of goods sold minus net sales revenue The gross profit is net sales revenue minus cost of goods sold The gross profit percentage in the average amount of gross profit earned on each dolar of net sales eBook Print References 3. Did the gross profit percentage in the current year improve or decine, relative to the 46 percent gross profit percentage in the prior year? There is in the gross profit percentage when compared in 46% in the previous year