7 [5 points] The following financial statements are for Benson Inc. Benson Inc. Income Statement For Years Ended December 31, 2014, 2013, and 2012 2014 2013 Sales Cost of goods sold 1,054,600 925,200 8 568,600 631,300 5 Gross profit from sales Operating expenses 486,000 293,900 2 148,700 178,600 1 Operating income 337,300 115,300 Interest expense. 6,500 6,150 Income before taxes 330,800 109,150 Income taxes 20,600 21.400 Net income 310,200 87.750 Compute the gross margin below, and indicate whether the change f Apply your analysis in very general terms. All values should be accur Gross margin Ratio 2014 2013 (s Benson Inc. Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 2013 Cash 24,600 20,900 Short-term investments 12,000 14,000 Accounts receivable 72,400 60,600 Merchandise inventory. 116,400 101,400 Prepaid expenses 2,100 2,400 Notes receivable, due in 2016. 14,000 12,000 Property, plant and equipment, net 231,000 199,000 19 Total assets 472,500 410,300 39 Liabilities and Equity Accounts payable 33,500 36,900 3 Salaries payable. 7,400 7,200 Property taxes payable 9,550 9,500 Long-term note payable. 69,000 60,000 5 Share capital 190,000 220,000 26 Retained earnings 163,050 76.700 28 Total liabilities and equity. 472,500 410,300 396 O year is favourable or unfavourable. For your analysis, assume that ast two decimal places