Wolverine World Wide, Inc., prides itself as being the worlds leading marketer of U.S. branded non-athletic footwear. The following data (in millions) were reported for the third quarter of 2016:

Net Sales	$	1,920
Income Tax Expense		46
Dividends		25
Salaries and Wages Expense		605
Cost of Goods Sold		1,195
Interest Expense		27

1. Prepare a multistep income statement. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

1. 2-a. How much was the gross profit? (Enter your answer in millions.)

2. 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)

3. Did the gross profit percentage in the current quarter improve, or decline, relative to the 37.5% gross profit percentage in the prior quarter?

• Improve

• Decline