Reference no: EM132783320

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 expense328

Sales revenue 5,230

Loss on disposal of plant assets46

Interest expense 161

Cost of goods sold2,500

Advertising expense499

Rent expense 105

Sales returns and allowances 230

Utilities expense 60

Assume a tax rate of 34%.

Problem (a) Prepare multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)

Problem (b) Calculate the gross profit rate and the profit margin.