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	$257,637	$117,927
Cost of sales	105,392	45,372
Gross profit	152,245	72,555
Operating expenses:
Selling, general, and administrative	60,831	29,184
Research and development	31,982	21,605
Operating income	59,432	21,766
Interest and other (income) expense	4,105	1,804
Interest and investment income	(1,306)	(792)
Earnings before provision for income taxes	56,633	20,754
Provision for income taxes	13,583	5,188
Net earnings	$43,050	$15,566

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?