D. Express each expense item as a percentage of net sales for both 2015 and 2016. Describe what happened that allowed Castillo Products to move from a loss to a profit between the two years. 2015 Net sales 100% Cost of goods sold 60% Gross profit 40% Marketing 10% General & administrative 27.78% 4.44% Depreciation EBIT -2.22% Interest 5.00% Earnings before taxes 7.22% Income taxes 0 Net income (loss) -7.22% Selected Exercises from Chapter 6 2016 100% 60% 40% 10% 16.67% 2.67% 10.67% 4.00% 6.67% 1.67% 5% 3. [Short-Term Financial Planning] The Itsar Products Company has made the following monthly estimates of cash receipts and cash disbursements when preparing cash budgets for the next twelve months. Itsar Products has beginning cash on hand of $10,000 and wants to maintain this minimum cash level throughout the next year