Current Attempt in Progress Presented below is selected information for Sheffield Company for the month of March 2022 Cost of goods sold $210,900 Rent expense $31,080 Freight-out 7,460 Sales discounts 8,000 Insurance expense 5,260 Sales returns and allowances 12,000 Salaries and wages expense 59,760 Sales revenue 390,000 (a) Your answer has been saved. See score details after the due date. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Sales Sales Revenue Less Sales Discounts SHEFFIELD COMPANY Income Statement For the Month Ended March 31, 2022 8000 Sales Returns and Allowances 12000 Net Sales Net Sales Cost of Goods Sold Gross Profit Operating Expenses Freight-Out 7460 Insurance Expense 5260 Salaries and Wages Expense 59760 Rent Expense 31080 Total Operating Expenses Net income/(Loss) (b) Compute the gross profit rate (Round answer to 2 decimal places, eg 25.20%) Gross profit rate Save for Later % 390000 20000 370000 20000 370000 210900 159100 103560 $ 55540 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer