Calculate the gross profit rate and the profit margin

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Question - 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 expense

1,110

Sales revenue

9,830

Loss on disposal of plant assets

46

Interest expense

161

Cost of goods sold

4,800

Advertising expense

499

Rent expense

105

Sales returns and allowances

230

Utilities expense

60

Assume a tax rate of 34%.

Required - Calculate the gross profit rate and the profit margin.

Reference no: EM133110079

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