counting Quit 21 Which of the following statements is true, with respect to gross profit? (1) An increase in cost of goods sold would decrease the gross profit ratio (assuming sales remain constant) (2) An increase in the gross profit ratio may indicate that a company is efficiently managing its inventory (3) An decrease in administrative expenses would increase the gross profit ratio Naked out of 100 Select one: a 1 only b. 2 only C1 and 2 d. 2 and 3 Previous page