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In its 2013 annual report, Caterpillar Inc. reported the following (in millions): 2013 2012 Sales $55,656 $65,875 Cost of goods sold $40,727 $47,055 As a
In its 2013 annual report, Caterpillar Inc. reported the following (in millions):
2013 2012
Sales $55,656 $65,875
Cost of goods sold $40,727 $47,055
As a percentage of sales, did Caterpillars gross profit increase or decrease during 2013?
a. Gross profit increased from 26.8% to 28.6%
b. Gross profit decreased from 28.6% to 26.8%
c. Gross profit increased from 71.4% to 73.2%
d. Gross profit decreased from 73.2% to 71.4%
e. There is not enough information to answer the question.
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