Exercise 4-17 (Static) Preparing a multiple-step income statement; computing gross margin ratio LO P4, A1 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,250 Depreciation expense-Office copier $ Office supplies expense Insurance expense 700 Sales discounts 500 16,000 1,300 Sales returns and allowances 4,000 Sales 220,000 TV advertising expense 2,000 Office salaries expense 32,500 Interest revenue 750 Rent expense-Selling space 10,000 Cost of goods sold 90,000 Sales staff wages 23,000 Sales commission expense 13,000 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and administrative expenses 0 0 0 0 Total general and administrative expenses Total expenses 0 0 0 Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses Compute the gross margin ratio as of December 31. Round the ratio to nearest whole percentage (e.g., 32.67% is entered as 33%). %