Ch 5 End-of-Chapter Practice X Presented below is information for Ivanhoe Company for the month of January 2017 Cost of goods sold $210,700 Rent expense Freight-out 9,200 Sales discounts Insurance expense 14,700 Sales returns and allowances $33,500 8,000 18,400 398,000 2,000 Salaries and wages expense Sales revenue 63,000 5,100 Income tax expense Other comprehensive income (net of $400 tax) Prepare an income statement using the multi-step format. IVANHOE COMPANY Income Statement DELL Ch 5: End-of-Chapter Practice X Prepare a comprehensive income statement. IVANHOE COMPANY Comprehensive Income Statement List of Accounts Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg. 15.2%.) Profit margin Gross profit rate e Textbook and Media List of Accounts DOLL