in 2017 laquen company had net sales of 900000 and cost of goods sold of 522000 operating expenses were 225000 and interest expense was 11000

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Instructions
(a) Compute Laquen’s gross profit.
(b) Compute the gross profit rate. Why is this rate computed by financial statement users?
(c) What is Laquen’s income from operations and net income?
(d) If Laquen prepared a single-step income statement, what amount would it report for net income?
(e) In what section of its classified balance sheet should Laquen report inventory?