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) $ ady op SHOW LIST OF ACCOUNTS Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate % Profit margin % dy. Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER 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 Research and development expense $ 114 Depreciation expense 90 Income tax expense 770 Sales revenue 7,830 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3,800 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement