$212,000 7,000 E5.9 (LO 5), AP Presented below is selected information for Lien Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense 12,000 Salaries and wages expense 60,000 Instructions a. Prepare an income statement using the format presented in Illustration 5.14. b. Compute the gross profit rate. Rent expense Sales discounts Sales returns and allowances Sales revenue $ 32,000 8,000 20,000 370,000