E6-18 Analyzing Gross Profit Percentage on the Basis of an Income Statement LO 6-6 Wolverine World Wide, Inc. 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: Net Sales $600 Income Tax Expense 12 Dividends 18 Salaries and Wages Expense 167 Cost of Goods Sold 366 Interest Expense 9 Required: 1. Based on these data, prepare a multistep income statement 2. How much was the gross profit in dollars? What was the gross profit percentage (Round to one decimal place.) Explain what these two amounts mean 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