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Exercise 5-14 Gross profits for the BIC YCLE MFG. CO. for the years ending Dec. 31, 2019 and Dec. 31,2020 are given below: At the end of 2019, the management became convinced that an increase in selling price (average) was necessary to improve the profit performance of the company. Accordingly, a general increase of 20% was made on all selling prices, effective Jan. 1, 2020. At the same time, a new plant manager was installed who gave much of his attention during the year to reducing plant costs. When the results for the year 2020 became available, a dispute rose between the plant manager and the vice-president in charge of sales. Both believed that the increase in profits during 2020 was due principally to the increase of 20% in selling prices, but the plant manager insisted that the savings in factory costs were greater than the increase in gross profit due to the increased volume of sales, while the vicepresident was equally insistent that the opposite was the case. REQUIRED: 1. A graphical analysis accounting for the real reasons for the increase in gross profit, including a summary. Round percentages to 5 decimals; totals to the nearest P1.00. Exercise 5-14 Gross profits for the BIC YCLE MFG. CO. for the years ending Dec. 31, 2019 and Dec. 31,2020 are given below: At the end of 2019, the management became convinced that an increase in selling price (average) was necessary to improve the profit performance of the company. Accordingly, a general increase of 20% was made on all selling prices, effective Jan. 1, 2020. At the same time, a new plant manager was installed who gave much of his attention during the year to reducing plant costs. When the results for the year 2020 became available, a dispute rose between the plant manager and the vice-president in charge of sales. Both believed that the increase in profits during 2020 was due principally to the increase of 20% in selling prices, but the plant manager insisted that the savings in factory costs were greater than the increase in gross profit due to the increased volume of sales, while the vicepresident was equally insistent that the opposite was the case. REQUIRED: 1. A graphical analysis accounting for the real reasons for the increase in gross profit, including a summary. Round percentages to 5 decimals; totals to the nearest P1.00