Presented below is information for Furlow Company for the month of March 2020.

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.