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Question(s) / Instruction(s):

(ACCT2020) Presented below is information for Yu Co. for the month of January 2012.

 

Cost of goods sold           $219,550              Rent expense                                   $32,449

Freight-out                         7,871                    Sales discounts                                 9,228

Insurance expense         13,017                  Sales returns and allowances      18,858

Salary expense                 64,030                  Sales                                                      377,990

Requirement:

(a)          Complete the income statement below. Assume a 25% tax rate.

(b)Calculate the profit margin ratio and the gross profit rate.

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