The Adjusted Trial Balance of McCoy Company Included the Following

The adjusted trial balance of McCoy Company included the following selected accounts: $\begin{array}{lrr} \text{ } & \text{ \underline{\text{Debit }} } & \text{ \underline{\text{Credit }} } \\ \text{ Sales Revenue } ..............................................& & \$645,000 \\ \text{ Sales Returns and Allowances } ...................... & \$ 50,000 & \\ \text{ Sales Discounts } ............................................ & 9,500 & \\ \text{ Cost of Goods Sold } .......................................& 396,000 & \\ \text{ Freight-Out } ................................................. & 2,000 & \\ \text{ Advertising Expense } ..................................... & 15,000 & \\ \text{ Interest Expense } ........................................... & 19,000 & \\ \text{ Salaries and Wages Expense }.......................... & 84,000 & \\ \text{ Utilities Expense } ............................................& 23,000 & \\ \text{ Depreciation Expense } ..................................... & 3,500 & \\ \text{ Interest Revenue } ............................................. & & 25,000 \\ \end{array}$
Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014.
2. Calculate the profit margin and gross profit rate.