Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions), $ 114 770 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,830 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,800 105 60 Assume a tax rate of 34%. SHOW 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 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, e.g. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Sales 9788 Sales Revenues 288 Sales Returns and Allowances 4750 Gross Profit hp Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%) Gross profit rate % Profit margin %