Question: In 2 0 2 2 , Lorel Company has net sales of $ 9 0 0 , 0 0 0 and cost of goods sold

In 2022, Lorel Company has net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Lorel prepares a multiple step income statement.
Instructions
a. Compute Lorel's gross profit.
b. Compute the gross profit rate.
c. What is Lorel's income from operations and net income?
d. In what section of the classified balance sheet should Lorel report inventoty?
In 2022, Lorel Company has net sales of $900,000 and cost

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