Presented below is information for Concord Company for the month of March 2020.

Cost of goods sold		$221,920		Rent expense		$33,370
Freight-out		6,410		Sales discounts		8,470
Insurance expense		5,440		Sales returns and allowances		12,520
Salaries and wages expense		55,970		Sales revenue		390,680

Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CONCORD COMPANY Income Statement March 31, 2020For the Month Ended March 31, 2020For the Year Ended March 31, 2020
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses
			$
LessAdd :
		$
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses			$

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Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)

Gross profit rate

%