Comparative financial statements for Nike Inc. for the years ended May 31, 2023, 2022, and 2021 are given below.

Nike Inc. Comparative Income Statements	2023	2022	2021
Sales	$500,000,000	$470,000,000	$440,000,000
Cost of goods sold	$300,000,000	$282,000,000	$264,000,000
Gross profit	$200,000,000	$188,000,000	$176,000,000
Operating expenses	$100,000,000	$94,000,000	$88,000,000
Income from operations	$100,000,000	$94,000,000	$88,000,000
Interest expense	$5,000,000	$4,700,000	$4,400,000
Income before taxes	$95,000,000	$89,300,000	$83,600,000
Income tax expense	$28,500,000	$26,790,000	$25,080,000
Net income	$66,500,000	$62,510,000	$58,520,000

Nike Inc. Comparative Balance Sheets	2023	2022	2021
Assets
Current assets	$100,000,000	$95,000,000	$90,000,000
Long-term investments	$120,000,000	$110,000,000	$100,000,000
Property and equipment, net	$200,000,000	$190,000,000	$180,000,000
Total assets	$420,000,000	$395,000,000	$370,000,000
Liabilities and Equity
Current liabilities	$80,000,000	$75,000,000	$70,000,000
Long-term debt	$150,000,000	$140,000,000	$130,000,000
Common stock	$100,000,000	$100,000,000	$100,000,000
Retained earnings	$90,000,000	$80,000,000	$70,000,000
Total liabilities and equity	$420,000,000	$395,000,000	$370,000,000

Requirements:

1. Convert the income statement data to common-size percentages for each year.
2. Convert the balance sheet data to common-size percentages for each year.
3. Calculate and discuss Nike’s current ratio and quick ratio for the three years.
4. Analyze the trend in Nike’s gross profit margin and net profit margin.