Question 3 2.5 pts In 2020.company A's gross profit percentage was 42.4% while their competitor, Company B's percentage was 46.5%. Which was the most likely reason for B's higher percentage? Hint: Write out the Gross Profit equation, remember only Sales and Cost of Goods sold are in the equation. Therefore, only those accounts can impact the ratio. Lower operating expenses like administrative expense Lower selling prices All of the other answers are correct Lower product cost as a percentage of sales