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

In 2022, Laquen Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laquen prepares a multiple-step income statement. Compute Laquen's gross profit. Gross profit $ eTextbook and Media Compute the gross profit rate. Gross profit rate % eTextbook and Media What is Laquen's income from operations and net income? Income from operations $ Net income $ eTextbook and Media If Laquen prepared a single-step income statement, what amount would it report for net income? Net income in Laquen's single-step income statement $ $ eTextbook and Media In what section of its balance sheet should Laquen report inventory? Inventory is reported as a immediately below