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.
