Presented below is information for Furlow Company for the month of March 2019.
Cost of goods sold......................$212,000.................Rent expense...............$ 32,000
Freight-out.....................................7,000...............Sales discounts..................8,000
Insurance expense............................6,000 Sales returns and allowances..............13,000
Salaries and wages expense...............58,000................Sales revenue...............380,000
Instructions
(a) Prepare a multiple-step income statement.
(b) Compute the gross profit rate.