presented below is information for Obley Company for the year ended March 31, 2010.
Cost of goods sold $212,000 Rent Expense $32,000
Freight-out $7,000 Sales Discounts $8,000
Insurance Expense $12,000 Sales returns/allowances $13,000
Salery Expense $58,000 Sales $370,000
(a) Prepare a multiple-step income statement.
(b) Compute the gross profit rate.