Assume a company provided its income statement as shown below: 2019 Net Sales Revenue $ 603,000 Cost of goods sold 455,000 Gross margin 148,000 Selling and administrative expenses 50,000 Net income before taxes 98,000 Income taxes 40,000 Net income 58,000 2018 $503,000 402,000 101,000 53,000 48,000 25,000 $ 23,000 $ With respect to gross margin, a vertical analysis reveals (Round your answer to two decimal places.) Multiple Choice a 46.53% decrease in net income that gross margin is 24.54% of net sales revenue a 46.53% increase in gross margin o a $50,000 increase in gross margin