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 276 Sales revenue 5,730 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3,104 Advertising expense 499 Rent expense 105 Sales returns and allowances 280 Utilities expense 60 Assume a tax rate of 34%.

Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions)
Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.)
Gross profit rate________%
Profit margin ________%

Answer 1

Gross profit rate = 43.04 %

Profit margin = 6.47 %

Step-by-step explanation:

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