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 Research and development expense $ 114 Depreciation expense 90 Income tax expense 396 Sales revenue 5,630 Loss on disposal of plant assets Interest expense 161 Cost of goods sold 2,700 Advertising expense 499 Rent expense Sales returns and allowances 230 Utilities expense Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to O decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin eTextbook and Media List of Accounts 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 goods sold of 30%. (Hint: Increase 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 O decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin e Textbook and Media List of Accounts