P5-57. Analyzing and Interpreting Operating Expenses for an Early Stage Company The graphic below depicts revenue, cost of goods sold, and R&D expense for Tesla Inc. for 2010 through 2018 ($ in millions). $25,000 $20,000 $15,000 $10,000 $5,000 120% 100% Revenue (scale is on left) 80% 60% - Cost of Goods Sold (scale is on left) R&D Expense (scale is on left) COGS/Revenue (scale is on right) 40% - R&D/Revenue (scale is on right) 20% $0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 a. What pattern do we observe for revenue over the eight years? Growth b. What pattern do we observe for COGS and R&D expense over the eight years? Growth c. What explains the volatile pattern of cost of goods sold and R&D expense relative to revenue in the earlier years? How would analysts interpret the declining R&D as a % of revenue over time? LO6 Tesla Inc. (TS