In $2022,$ Lorel Company has net sales of $$900,000$ and cost of goods sold of $$522,000.$ Operating expenses were $$225,000,$ and interest expense was $$11,000.$ Lorel prepares a multiple step income statement.

Instructions

a$.$ Compute Lorel's gross profit.

b$.$ Compute the gross profit rate.

c$.$ What is Lorel's income from operations and net income?

d$.$ In what section of the classified balance sheet should Lorel report inventoty?