(Answered) Wolverine world wide inc prides itself as being the worlds

Accounting

Wolverine World Wide, Inc. prides itself as being the world's leading marketer of U. S. branded non-athletic footwear. The following data (in millions) were taken from its annual report for its 2012 fiscal year:

Net Sales..... $ 1,640

Income Tax Expense... 10

Dividends....20

Salaries and Wages Expense... 520

Cost of Goods Sold....1, 010

Interest Expense ...20

Required:

1. Based on these data, prepare a multi step income statement.

2. How much was the gross profit? What was the gross profit percentage? (Round to one decimal place.) Explain what these two amounts mean.

3. Did the gross profit percentage in the current year improve, or decline, relative to the 39.4% gross profit percentage in the prior year?

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