Show Attempt History Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $460 Depreciation expense 90 Research and development expense Income tax expense $114 1,144 Sales revenue 10,030 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 4,900 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. (a) Your answer is partially correct. Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Sales Sales Revenue Less Sales Returns and Allowances Net Income/(Loss) Cost of Goods Sold eTextbook and Media List of Accounts Save for Later 5730 280 Attempts: 2 of 15 used Submit Answer (b) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimat place, e.g. 15.2 %.) Gross profit rate Profit margin eTextbook and Media List of Accounts Save for Later % % Attempts: 0 of 15 used Submit Answer (c1) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25% (Hint: Increase both sales revenue and sales returns and allowances by 25%) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to O decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer <21 Submit