13. Presented below is the 2019 income statement for Billie's Baubles. Income statement for the period ended 12/31/19 Sales Less: Cost of goods sold Less: Depreciation Gross profit Less: S, G & A expenses Operating profit Less: Interest expense Profit before tax Less: Tax expense Net income $400 100 50 250 100 150 7 143 40 S103 Which of the following statements are true? 1. Net margin is less than operating margin. II. Operating margin is less than gross margin. III. Gross margin is less than net margin. O I only II only I and II, but not III O I, II, and III 13. Presented below is the 2019 income statement for Billie's Baubles. Income statement for the period ended 12/31/19 Sales Less: Cost of goods sold Less: Depreciation Gross profit Less: S, G & A expenses Operating profit Less: Interest expense Profit before tax Less: Tax expense Net income $400 100 50 250 100 150 7 143 40 S103 Which of the following statements are true? 1. Net margin is less than operating margin. II. Operating margin is less than gross margin. III. Gross margin is less than net margin. O I only II only I and II, but not III O I, II, and