Question 1) Presented below is information for G. Mascal Co. for the month of March 2023.

Cost of goods sold $221,000

Freight-out $ 7,000

Insurance expense 12,000

Salaries expense 34,500

Rent expense 32,000

Sales discount 15,000

Rent revenue 99,000

Utilities expense 24,000

Sales return and allowances 44,000

Sales revenue 377,000

Instructions:

A. Prepare a multi-step income statement. Assume a 28% tax rate.

B. Calculate the profit margin and the gross profit rate (make sure final answer is 2 decimals as a %).