Question 5 Preparing a multiple step income statement Prepare a multiple step income statement for Jungle Juice Company for the month of January, 2018 from the following information. Be sure to follow the correct format. Calculate Gross Profit rate and Profit Margin and explain what these mean.

Cost of Goods Sold $ 232,000

Freight-out 7,000

Insurance expense 2,000

Salaries expense 50,000

Depreciation expense 32,000

Sales discounts 9,000

Sales returns and allowances 32,000

Sales revenue 470,000