E5.9 (LO 5) Financial Statement Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $ 30,000 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