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 Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 5,730 161 499 280 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense $ 114 276 46 3.104 105 60 Assume a tax rate of 34%. Your answer is correct. Prepare a multiple-step income statement. (Round answers to decimal places, e.g. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) s Revenue 5.730 Sales Returns and Allowances 280 i iales $ 5450 of Goods Sold 3,104 s Profit 2346 ating Expenses aries and Wages Expense 460 preciation Expense 90 i ertising Expense 499 i earch and Development Expense 114 i t Expense 105 i ities Expense 60 al Operating Expenses 1.328 ne From Operations V 1018 r Expenses and Losses V rest Expense 161 i son Disposal of Plant Assets 46 i 207 i ne Before Income Taxes 811 ne Tax Expense 276 ncome/ (Loss) 535 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 25%. (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, eg. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Sales Net Sales $ e Textbook and Media List of Accounts Your answer is incorrect. Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate 43 % Profit margin 10.2 %