Suppose in its income statement for the year ended June 30, 2017. The Clorox Company reported the following condensed data (dollars in millions) $410 $ 125 75 198 Research and debelopment expense Income tax expense Loss on disposal of plant assets Cost of goods sold 8,240 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances 45 978 4.640 500 115 Rent expense Utilities expense 240 50 Your answer is partially correct. Assume the marketing department has presented a plan to increase advertising expenses by $1,277 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. Assume a tax rate of 34%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Prepare a multiple-step income statement. (Round answers to decimal places, eg. 15,222.) THE CLOROX COMPANY Income Statement For the Year Ended June 30, 2017 (amounts in millions) Sales Net Sales $ 10300 Sales Net Sales 10300 Cost of Goods Sold 5800 Gross Profit 4500 Operating Expenses Salaries and Wages Expense $ 410 Depreciation Experise 75 Research and Development Expense 125 Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, es 15.2%) Gross profit rate % Profit margin