Presented below is information for Jorge Company for the year


Question Description:

24.99

Presented below is information for Jorge Company for the year ended March 31, 2012. Cost of goods sold$222,770Rent expense$35,470 Freight-out7,147Sales discounts8,229 Insurance expense14,820Sales returns and allowances13,982 Salary expense61,560Sales389,740 Instructions (a) Prepare a multiple-step income statement. (List amounts from largest to smallest e.g. 10, 5, 3, 2.) JORGE COMPANY Income Statement For the Year Ended March 31, 2012 Sales revenues $ Less: $ Net sales Gross profit Operating expenses Total operating expenses Net income $ (b) Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 10.50.)

Answer

24.99