5RR: IVANHOE:

Presented below is information for Ivanhoe Co. for the month of January 2022. (a) Prepare an income statement using the multiple-step format. Question 5 of 8 6.67/10 For the Month Ended January 31, 2022 Sales Sales Revenue $ 398000 Less V: \begin{tabular}{l} Sales Returns and Allowances \\ Sales Discounts \\ Net Sales \\ \hline Cost of Goods Sold \\ \hline Gross Profit \\ \hline \end{tabular} $\begin{tabular}{|l|l|} \hline 18400 & i \\ \hline \end{tabular} Operating Expenses \begin{tabular}{l} \hline Salaries and Wages Expense \\ \hline Rent Expense \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 63000 & i \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 33500 & i \\ \hline \end{tabular} \begin{tabular}{|l|} \hline Insurance Expense \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 14700 & i \\ \hline \end{tabular} \begin{tabular}{|l|} \hline Freight-Out \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 9200 & i \\ \hline \end{tabular} \begin{tabular}{l} Total Operating Expenses \\ \hline Income Before Income Taxes \\ \hline \end{tabular} \( \frac{120400 \quad \mathbf{i}}{\hline 40500} \) Income Tax Expense Net Income/ (Loss) Your answer is correct. Prepare a comprehensive income statement. eTextbook and Media List of Accounts Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2\%.) Profit margin % Gross profit rate % Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2\%.) Profit margin % Gross profit rate %