income statement data for Barolo Inc.: 2024 2023 Sales revenue $97,300 $86,200 Less: Cost of goods sold 45,600 53,400 Gross profit 51,700 32,800 Less: Selling and administration costs 22,500 18,300 Net Income $29,200 $14,500 Based on common-size analysis, which of the following statements is correct? Select answer from the options below Net income as a percent of sales declined in 2024. The company's cost to sales ratio improved in 2024. The increase in sales revenue in 2024 was caused by higher selling and administrative expenses. The increase in gross profit in 2024 was due to increased sales. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Weekly Assignment 3 Question 5 of 10 - / 1