Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 460 $ 114 Depreciation expense 90 276 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Sales revenue 5.730 46 Interest expense 161 3,104 Advertising expense 499 Rent expense 105 Sales returns and allowances 280 Utilities expense 60 Assume a tax rate of 34% The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Sales Sales Revenue $ 5,730 Less Sales Returns and Allowances 280 $ . Net Sales 5450 2104 Cost of Goods Sold Gross Pront 2346 Operating Expenses Advertising Expense 199 Salaries and Wapes Expense 480 Research and Development Expense 114 Rent Expense 105 Depreciation Expense 90 Utilities Expense 80 6 Total Operating Expenses 1328 1 Income From Operations 1010 Other Expenses and loses Interest Expense 161 46 Loss on Disposal of Plant Assets Loss on Disposal of Plant Assets 44 207 Income Betere become To 011 Income Tax Expense 270 Net Income /... 535 eTextbook and Media List of Accounts Calculate the gross profit rate and the profit margin (Round answers to 1 decimal place, s. 15.2% Gross profitrate 30 Profit margin 20 Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of poods sold of 25%. (HintIncrease both sales revenue and sales returns and allowances by 25% Redo parts (a) and (b) and discuss whether this plan has merit. Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to decimal places, es 15,922.) 0 The Clorox Company Income Statement (amounts in millions) : . . $ + . eTextbook and Media List of Accounts Calculate the gross proftrate and the profit margin. (Hound answers to 1 decimal place, s. 15:2%) Gross prohtrate Profit margin