In 2020, Blue Company had net sales of $982,000 and cost of goods sold of $540, 100. Operating expenses were $220,200, and interest expense was $12.500 Blue prepares a multiple-step income statement (a) Compute Blue's gross pront. Gross profit $ (51) Compute the gross proftrate. Gross profit rate 95 (c) What is Blue's income from operations and net income? Income from operations $ Net income $ (d) If Blue prepared a single-step income statement, what amount would it report for net income? Net income in Blue's single-step income statement $ Touth (e) In what section of its classified balance sheet should Blue report inventory? Inventory is reported as a immediately below