Question: Presented below is information for Obley Company for the month of March 2010. Instructions(a) Prepare a multiple-step income statement.(b) Compute the gross profitrate. Cost of

Presented below is information for Obley Company for the month of March 2010.

Instructions(a) Prepare a multiple-step income statement.(b) Compute the gross profitrate.

Cost of goods sold Freight-out Insurance expense Salary expense Rent expense Sales discounts Sales returns and allowances Sales $ 32.000 8,000 $212,000 7,000 12.000 13.000 58,000 370,000

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