Financial Accounting: E5-9 Presented below is information for Obley Company

Financial Accounting 
E5-9 
Presented below is information for Obley Company for the year ended March 31, 2011. 
Cost of goods sold 212,000 Rent expense 32,000 
Freight-out 7,000 Sales discounts 8,000 
Insurance expense 12,000 Sales returns and allowances 13,000 
Salary expense 58,000 Sales 370,000 

Instructions 
(a)  Prepare a multiple-step income statement.  (List amounts from largest to smallest eg 10, 5, 3) 
(b) Compute the gross profit rate.(Round answer to 2 decimal places, e.g. 10.50.) 
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