In 2017, Matt Cruz Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and expense was $11,000. Cruz prepares a multiple-step income statement. Instructions Compute Cruz's gross profit. Compute the gross profit rate. Why is this rate by financial statement users? What is Cruz's income from operations and net income? If Cruz prepared a single-step income statement, what amount would it report for net income? In what section of its classified balance sheet should Cruz report inventory?