p5:54. Profitability Analysis Kolby Enterprises reports the following information on its income statement: LO4 Net sales.... Cost of goods sold Selling expenses $250,000 150,000 50,000 Administrative expenses.. Other income Other expense $10,000 15,000 10,000 Required Calculate Kolby's gross profit percentage and return on sales ratio. Explain what each ratio tells us about Kolby's performance. Kolby is planning to add a new product and expects net sales to be $45,000 and cost of goods to be $38,000. No other income or expenses are expected to change. How will this affect Kolby's gross profit percentage and return on sales ratio? What do you advise regarding the new product offering