Yangtze Canoes provides the following information for the month ended October 31, 2020 (amounts in Chinese yuan): sales on credit 280,000, cash sales 100,000, sales discounts 5,000, sales returns and allowances 22,000. Prepare the sales section of the income statement based on this information.

Assume Jose Foods has the following reported amounts: Sales revenue 506,000, Sales returns and allowances 13,000, Cost of goods sold 342,000, Operating expenses 110,000. Compute the following: (a) net sales, (b) gross profit, (c) income from operations, and (d) gross profit rate. (Round to one decimal place.)