E$6-22$ Analyzing Gross Profit Percentage on the Basis of an Income Statement $[$LO$6-5]$

Grizzly World Wide Inc. prides itself as being the world$$s leading marketer of Canadian branded non$-$athletic footwear. The following data $($in millions$)$ were taken from its annual report for the fiscal year ended January $31$:

Sales of Merchandise $ $1,220$

Income Tax Expense $45$

Cash Dividends Paid $21$

Selling and Administrative Expense $345$

Cost of Products Sold $735$

Interest Expense $3$

Other Revenues $3$

Required:

$1.$ Based on these data, prepare a multi$-$step income statement.