D Question 3 Given the following income statements (based on percentages of Sales Revenue), identify which firm appears to follow a Cost Leadership strategy Firm 1 Firm 2 100.0 100.0 Sales Revenue Cost of Goods Sold 59.5 71.2 Gross Margin 41.5 28.8 Sales and Admin. Expenses 33.1 24.3 Income before Taxes 8.4 4.5 Income Tax Expense 1.9 2.0 Net Income 6.5 2.5 Firm 1 Firm 2