P5-3 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Interpreting the Gross Profit Percentage L05-3 The Max, Incorporated, is a leading fashion retailer that offers customers an extensive selection of high-quality fashion brands focused on apparel, shoes, cosmetics, and accessories for women, men, young adults and children. The items reported on its income statement for an earlier year (ended February 1) are presented here (dollars in millions) in simplified form in alphabetical order: Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). b. What is the gross profit percentage? P5-3 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Interpreting the Gross Profit Percentage L05-3 The Max, Incorporated, is a leading fashion retailer that offers customers an extensive selection of high-quality fashion brands focused on apparel, shoes, cosmetics, and accessories for women, men, young adults and children. The items reported on its income statement for an earlier year (ended February 1) are presented here (dollars in millions) in simplified form in alphabetical order: Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). b. What is the gross profit percentage? Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income Complete this question by entering your answers in the tabs below. What is the gross profit percentage? Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 0.123 should be entered as 12.3)