Suppose in its income statement for the year ended June 30, 2025, The Clorox Company reported the following condensed data (dollars in millions). Assume a tax rate of 34%. The Clorox Company Income Statement For the Year Ended June 30, 2025 (amounts in millions) Sales Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Operating Expenses Salaries and Wages Expense Depreciation Expense Research and Development Expense Advertising Expense Rent Expense Research and Development Expense Advertising Expense Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Income / (Loss) \begin{tabular}{|r|r|} \hline 1485 & i \\ \hline \end{tabular} 1362 \begin{tabular}{|r|r|} \hline 220 & i \\ \hline 55 & i \\ \hline \end{tabular} 1087 \begin{tabular}{|r|r|} \hline 370 & i \\ \hline \end{tabular} $717 Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2\%.) Gross profit rate % Profit margin % Assume the marketing department has presented a plan to increase advertising expenses by $330 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 20%. (Hint: Increase both sales revenue and sales returns and allowances by 20%.) (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. Report Net Sales without explicitly showing Sales Revenue and Sales Returns and Allowances individually on the income statement. (Round answers to 0 decimal places, e.g. 15,222. Salaries and Wages Expense Depreciation Expense Advertising Expense Research and Development Expense Rent Expense Utilities Expense Total Operating Expenses Income From Operations Loss on Disposal of Plant Assets Interest Expense Income Before Income Taxes Income Tax Expense Net Income / (Loss) $ $