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 $44,000 47,000 52,000 Cost of Goods Sold $13, 200 31,960 31, 200 Operating Expenses $ 5,600 16,700 3,600 Non-operating Expenses $ 2,600 7,600 0 Income Tax Expense $2,600 0 3,600 Exercise 6-16A Part 2 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James