The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015), Let's see whether these changes are reflected in the income statement of Chevron Corporation for the year ended December 31, 2015 (amounts in billions). 2.83 points 2015 $140 70 2014 $210 Revenues Cost of Purchased Crude oil and Products Other Operating Costs Income before Income Tax Expense Income Tax Expense Net Income 120 Hint 10 Print 29 Required: 1. Compute the gross profit percentage for each year. Assuming that the change from 2014 to 2015 is the beginning of a sustained 2. Compute the net profit margin for each year, Given your calculations here and in requirement 1, explain whether Chevron did a 3. Chevron reported average net fixed assets of $185 billion in 2015 and $174 billion in 2014. Compute the fixed asset turnover ratios 4. Chevron reporte trend, is Chevron likely to earn more or less gross profit from each dollar of sales in 2016? better or worse job of controlling expenses other than the costs of crude oil and products in 2015 relative to 2014. for both years. Did the compan preferred stock. Compute the return on equity ratios for both years. Did the company generate greater returns for stockholders in y better utilize its investment in fixed assets to generate revenues in 2015 or 2014? d average stockholders' equity of $155 billion in 2015 and $153 billion in 2014. The company has not issued 2015 or 2014? Co mplete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required4 1-a. Compute the gross profit percentage for each year. (Round your answers to 1 decimal place.) 1-b. Assuming that the change from 2014 to 2015 is the beginning of a sustained trend, is Chevron likely to earn more or less gross profit from each dollar of sales in 2016? Gross Profit Perce 1-a 2014 2015 1-b. Llkely to earn in 2016? More Gross Profit OLessGross Required 2> 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 your answers to 1 decimal place.) 2-b. Did Chevron do a better or worse job of controlling expenses other than the costs of crude oil and products in 2015 relative to 2014. 2-a. 2014 2015 2-b expenses in 2015 vs 2014? Better Job Worse Job Required 3 > Print Required 1 Required 2 Required 3 Required4 3-a. Chevron reported average net fixed assets of $185 billion in 2015 and $174 billion in 2014. 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 2015 or 2014? Fixed Asset Tur 2014 2015 3-b. Investment better utilized in 2015 or 2014 2015 2014 K Required 2 Required 4> Hint Complete this question by entering your answers in the tabs below Print References Required 1 Required 2 Required 3 Required 4 4-a. Chevron reported average stockholders' equity of $155 billion in 2015 and $153 billiyn in 2014. The company has not issued preferred stock. Compute the return on equity ratios for both years. (Round your nswers to 1 decimal place.) 4-b. Did the company generate greater returns for stockholders in 2015 or 2014? 4-a. Return on Equity (ROE) 2014 2015 4-b. Greater returns generated in 2014 or 2015? O2015 2014 KRequired 3