Here are selected financial details for Alphabet Inc. and Meta Platforms, Inc. for the fiscal year 2023:

($ millions)	Alphabet Inc.	Meta Platforms, Inc.
Net sales	$258,000	$118,000
Cost of sales	105,000	46,000
Gross profit	153,000	72,000
Operating expenses:
Selling, general, and administrative	60,000	30,000
Research and development	32,000	22,000
Operating income	61,000	20,000
Interest and other (income) expense	5,000	1,800
Interest and investment income	(1,300)	(700)
Earnings before provision for income taxes	57,300	18,900
Provision for income taxes	14,300	4,700
Net earnings	$43,000	$14,200

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Alphabet Inc. and Meta Platforms, Inc. Assume a tax rate of 25%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) for both companies. Discuss the primary drivers of their ROA. c. Analyze the trend in research and development (R&D) expenses over the past five years. How does it impact the companies' innovation and market position? d. Evaluate the free cash flow for Alphabet Inc. and Meta Platforms, Inc. over the last three years. What does it indicate about their financial flexibility and growth prospects? e. Compare the selling, general, and administrative (SG&A) expenses as a percentage of sales for Alphabet Inc. and Meta Platforms, Inc. What can be inferred about their operational efficiency?