Exercise 5-9. Last one of the assignment.

Exercise 5-9 Presented below is information for Kaila Company for the month of March 2017 Cost of goods sold Freight-out $212,500 Rent expense 32,460 Sales discounts 6,490 7,740 Sales returns and allowances Insurance expense 5,570 12,990 Salaries and wages expense 386,050 55,700 Sales revenue Prepare a multiple-step income statement. KAILA COMPANY Income Statement to 2 decimal places, e.g. 25.20 %. ) Compute the gross profit rate. (Round answer Gross profit rate