Question: DE18-1 Phillips Electronics reported the following amounts on its 1999 comparative income statement: (In millions) 1999 1998 1997 Revenues $78.596 $74.391 $72.055 Cost of sales.

DE18-1 Phillips Electronics reported the following amounts on its 1999 comparative income statement: (In millions) 1999 1998 1997 Revenues $78.596 $74.391 $72.055 Cost of sales. 29.561 26.820 15.941 Perform a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages for 1999 and 1998...

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