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Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). S 114 634 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,400 105 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Calculate the gross prorit rate and the profit margin. (Round answers to I decimal place, e.g. 15.2%) Gross profit rate Welcome, Rasel - Blackboard Learn Profit margin https://bbhosted.cuny.edu/webapps/portal/execute/tabs/tabAction?tab_tab_group 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 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether 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) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). S 114 634 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,400 105 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Calculate the gross prorit rate and the profit margin. (Round answers to I decimal place, e.g. 15.2%) Gross profit rate Welcome, Rasel - Blackboard Learn Profit margin https://bbhosted.cuny.edu/webapps/portal/execute/tabs/tabAction?tab_tab_group 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 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether 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) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin