Required information Exercise 6-16A Calculate levels of profitability for a multiple-step income statement and the gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $22,000 25,000 30,000 Cost of Goods Sold $ 4,400 18,500 19,800 Operating Expenses $4,500 7,500 2,500 Non-operating Expenses $1,500 3,500 0 Income Tax Expense $1,500 0 2,500 Exercise 6-16A Part 2 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James