Question: Please help! What the answer to question 12? Thanks. Compute various income measures ES-12 In 2017, Laquen Company had net sales of $900,000 and cost

Please help! What the answer to question 12? Thanks.

Compute various income measures ES-12 In 2017, Laquen Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laquen prepares a multiple-step income statement Instructions (a) Compute Laquen's gross profit. (b) Compute the gross profit rate. Why is this rate computed by financial statement users? (c) What is Laquen's income from operations and net income? (d) f Laquen prepared a single-step income statement, what amount would it report for LO 5) net income? (e) In what section of its classified balance sheet should Laquen report inventory

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