Consider the following income statement data for Barolo Inc.: 2020 Sales revenue $97,300 Less: Cost of goods sold 45,600 Gross profit 51,700 Less: Selling and administration costs 22,500 Net Income $29,200 2019 $86,200 53,400 32,800 18,300 $14.500 1. The percentage for selling and administration costs in 2020 was a) 21.2% b) 23.1%. c) 43.5% d) 77.0% e)None of the above Answer: 2. Which of the following statements is correct? a) The increase in sales revenue in 2020 was caused by higher selling and administrative expenses. b) The company's cost to sales ratio improved in 2020. c) The increase in gross profit in 2020 was due to increased sales. d) Net income as a percent of sales declined in 2020. e)None of the above