Exercise 5-12 In 2015, Matt Cruz Company had net sales of $941.100 and cost of goods sold of $559,500. Operating expenses were $220,900, and interest expense was $11.900. Cru prepares a multiple step income statement net Exercise x Your answer is incorrect. Try again Compute Cruz's gross profit. Gross profit 382000 LINK TO TEXT s by Study Your answer is correct. Compute the gross profit rate. (Round answer to 1 decimal place e.. 25.24.) Gross profit rate 40.60 SHOW SOLUTION Ex Your answer is incorrect. Try again. What is Cruz's income from operations and net income? Income from operations 161100 Net income 149200 LINK TO TEXT Your answer is incorrect. Try again. If Cruz prepared a single-step income statement, what amount would it report for net income? Net income in Cruz's single-step income statement 149200 LINK TO TEXT Your answer is partially correct. Try again. In what section of its classified balance sheet should Cruz report inventory? Current Liabilities Inventory is reported as a immediately below Accounts Receivable