E6-18 Analyzing Gross Profit Percentage on the Basis of an Income Statement [LO 6-6]

[The following information applies to the questions displayed below.]

Wolverine World Wide, Inc., prides itself as being the worlds leading marketer of U.S. branded non-athletic footwear. The following data (in millions) were reported for the third quarter of 2016:

Required information E6-18 Analyzing Gross Profit Percentage on the Basis of an Income Statement [LO 6-6] [The following information applies to the questions displayed below.] Wolverine World Wide, Inc., prides itself as being the "world's leading marketer of U.S. branded non-athletic footwear." The following data (in millions) were reported for the third quarter of 2016: $600 Net Sales Income Tax Expense 12 Dividends 18 Salaries and Wages Expense 167 366 Cost of Goods Sold Interest Expense 9 1. Prepare a multistep income statement. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) WOLVERINE WORLD WIDE INC. Income Statement For the third quarter of 2016 ww..ww (in millions) 600 600 600 600 600 E6-18 Part 2 2-a. How much was the gross profit? (Enter your answer in millions.) 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit million 2-b Gross Profit centage E6-18 Part 3 3. Did the gross profit percentage in the current quarter improve, or decline, relative to the 38.8% gross profit percentage in the prior quarter? Improve Decline