Directions: Calculate the percent column expressing each amount as a percent of sales. Round the percent to 2 decimal places. By dividing everything by sales, it allows for better comparison. We expect Cost of Goods Sold to change with a change in sales, but by looking at the percent, it allows for better comparison. After calculating the percentages, answer the questions at the bottom and calculate the two ratios. ABC Corporation Comparative Income Statements For the years ending December 31, 2018 and 2019 2019 Percent 2020 Percent Sales 660,000 600,000 Cost of Goods Sold 412,000 384,000 Gross Profit 248,000 216,000 Selling Expenses 106,500 84,000 Administrative Expenses 55,000 54,000 Income before Interest & Taxes 86,500 78,000 Interest 9,000 10,500 Income before Taxes 77,500 67,500 Income Tax 11,625 10,125 Net Income (EAT) 65,875 57,375 Sheet1 1. By looking at just the numbers what does this analysis indicate to you? a. Do you see anything that is concerning to you with respect to the percentage compa between the years? Explain b. What will happen if the trend continues? 2. What is the Gross Profit Margin for 2019 and 2020? (GP/Sales) 3. What is the return on Sales for 2019 and 2020? (Net Income/Sales)