Question 4 of 10 Current Attempt in Progress Consider the following income statement data for Barolo Inc.: Sales revenue Less: Cost of goods sold Gross profit Less: Selling and administration costs Net Income 2024 $97,300 45,600 51,700 22,500 $29,200 2023 $86,200 53,400 32,800 18,300 $14,500 Based on common-size analysis, which of the following statements is correct? O The increase in gross profit in 2024 was due to increased sales. O The increase in sales revenue in 2024 was caused by higher selling and administrative expens O The company's cost to sales ratio improved in 2024. O Net income as a percent of sales declined in 2024.