Sales Cost of Goods Sold Gross Profit Net Income 2004 $120,000 2003 $105,000 $ 71,000 $ 62,500 2002 $95,000 2001 $80,000 $ 53,000 $ 45,000 $ 49,000 $ 42,500 $ 42,000 $ 35,000 $ 26,500 $ 24,000 $ 23,500 $ 22,500 Use the above information. Which of the following statements is not true? Select one: a. Net income as a percentage of sales had decreased since 2001 b. Gross profit $ have increased 40% since 2001 C. Net income has increased 17.78% since 2001 d. Sales have increased 100% since 2001 e. None of the above