Cloud X and Cloud Y are two competitors in manufacturing and selling large-capacity digital storage. Cloud X reports gross profit ratio of 16%, while Cloud Y reports a gross profit ratio of 20%. Given that Cloud X and Cloud Y report cost of goods sold of $140,000 and $160,000, respectively. Determine which company has higher net sales revenues for the year.

Cloud X and Cloud Y are two competitors in manufacturing and selling large-capacity digital storage. Cloud X reports gross profit ratio of 16%, while Cloud Y reports a gross profit ratio of 20%. Given that Cloud X and Cloud Y report cost of goods sold of $140,000 and $160,000, respectively. Determine which company has higher net sales revenues for the year