I have to prepare an income statement using a PERIODIC inventory system format and assume a 28% tax rate.

I also have to calculate the profit margin and ten gross profit rate.

Question 5) Presented below is information for Zhou Co. for the month of November 2017. $7,000 60,000 8,000 370,000 S212,000 Freight-out Cost of goods sold Insurance expense Rent expense Sales return and allowances 12,000 32,000 Sales discount 10,000 Sales revenue Salaries and wages expense Instructions (in color). A. Prepare an income statement using the format presented on page 245 . Assume a 28% tax rate. B. Calculate the profit margin and the gross profit rate