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Presented below is information for Kaila Company for the month of March 2017.
| Cost of goods sold | | $228,450 | | Rent expense | | $ 33,320 |
| Freight-out | | 6,410 | | Sales discounts | | 8,480 |
| Insurance expense | | 5,570 | | Sales returns and allowances | | 12,070 |
| Salaries and wages expense | | 55,660 | | Sales revenue | | 394,030 |
Prepare a multiple-step income statement.
Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)
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