Alternate problem B Ford Motor Company is the world's second-largest producer of cars and trucks and ranks among the largest providers of financial services in the United States. The following information pertains to Ford: (in millions)

(in millions) 2014 2015 2016

Sales $118.017 $135,073 $141,230

Cost of goods sold 104,616 118,985 126,120

Gross margin $ 13,401 $ 16,088 $ 15,110

Operating expenses 7,834 8,874 9,884

Net operating income $ 5,567 $ 7,214 $ 5,226

a. Prepare a statement showing the trend percentages for each item, using 2014 as the base year.

b. Comment on the trends noted in part (a).