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The average price of a gallon of gas in 2018 increased $0.30 (12.4 percent) from $2.42 in 2017 to $2.72 in 2018. Let's see whether these changes are reflected in the income statement of Combustion Petroleum for the year ended December 31, 2018 (amounts in billions). 2017 $ 230 Revenues Costs of Purchased Crude Oil and Products Other Operating costs Income before Income Tax Expense Income Tax Expense Net Income 2018 $ 271 155 82 34 10 123 92 15 $ 24 5 15 Required: 1. Compute the gross profit percentage for each year. Assuming that the change from 2017 to 2018 is the beginning of a sustained trend, is Combustion likely to earn more or less gross profit from each dollar of sales in 2019? 2. Compute the net profit margin for each year. Did Combustion do a better or worse job of controlling expenses other than the costs of crude oil and products in 2018 relative to 2017. 3. Combustion reported average net fixed assets of $372 billion in 2018 and $370 billion in 2017. Compute the fixed asset turnover ratios for both years. Did the company better utilize its investment in fixed assets to generate revenues in 2018 or 2017? 4. Combustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The company has not issued preferred stock. Compute the return on equity ratios for both years. Did the company generate greater returns for stockholders in 2018 or 2017? Complete this question by entering your answers in the tabs below. reporteu average net fixed assets of $372 billion in 2018 and $370 billion in 2017. Compute th atios for both years. Did the company better utilize its investment in fixed assets to generate revenues in Eombustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The com referred stock. Compute the return on equity ratios for both years. Did the company generate greater retu 2018 or 2017? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 1-a. Compute the gross profit percentage for each year. (Round percentage values to 1 decimal place.) 1-b. Assuming that the change from 2017 to 2018 is the beginning of a sustained trend, is Combustion likely to earn less gross profit from each dollar of sales in 2019? % 1-a. 2017 % 1 a. 2018 1-b. Likely to earn in 2019? 2010 ZU Umbustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The company has not issued preferred stock. Compute the return on equity ratios for both years. Did the company generate greater returns for stockholders ir 2018 or 2017? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 2-a. Compute the net profit margin for each year. (Round percentage values to 1 decimal place.) 2-b. Did Combustion do a better or worse job of controlling expenses other than the costs of crude oil and products in 2018 a relative to 2017. % % 2-a. 2017 2-a 2018 2b. Controlling expenses in 2018 vs 2017? pute the net profit margin for each year. Did Combustion do a better or worse job of controlling expenses other than the of crude oil and products in 2018 relative to 2017 3. Combustion reported average net fixed assets of $372 billion in 2018 and $370 billion in 2017. Compute the fixed asset turc ratios for both years. Did the company better utilize its investment in fixed assets to generate revenues in 2018 or 2017 4. Combustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The company has not issue preferred stock. Compute the return on equity ratios for both years, Did the company generate greater returns for stockholde 2018 or 2017? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 3-a. Combustion reported average net fixed assets of $372 billion in 2018 and $370 billion in 2017. Compute the fixed asset turnover ratios for both years. (Round your answers to 2 decimal places.) 3-b. Did the company better utilize its investment in fixed assets to generate revenues in 2018 or 2017? 3-a 2017 3-a 2018 3.b Investment better utilized in 2018 or 2017? 2. Compute the net profit margin for each year. Did Combustion do a better or worse job of controlling expenses othe of crude oil and products in 2018 relative to 2017 3. Combustion reported average net fixed assets of $372 billion in 2018 and $370 billion in 2017. Compute the fixed as ratios for both years. Did the company better utilize its investment in fixed assets to generate revenues in 2018 or 20 4. Combustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The company has preferred stock. Compute the return on equity ratios for both years. Did the company generate greater returns for sta 2018 or 2017? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 4-a. Combustion reported average stockholders' equity of $182 billion in 2018 and $178 billion in 2017. The company has not issued preferred stock. Compute the return on equity ratios for both years. (Round percentage values to 1 decimal place.) 4-b. Did the company generate greater returns for stockholders in 2018 or 20177 4-a 2017 4.a. 2018 4-b. Greater returns generated in 2018 or 2017? Red