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 Fossil Company for the year ended December 31, 2018 (amounts in billions). Revenues Costs of Purchased Crude Oil and Products Other Operating costs Income before Income Tax Expense Income Tax Expense 2018 $ 201 115 61 25 7 2017 $ 170 91 68 11 Net Income $ 18 $ 11 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 Fossil 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 Fossil do a better or worse job of controlling expenses other than the costs of crude oil and products in 2018 relative to 2017. 3. Fossil reported average net fixed assets of $352 billion in 2018 and $350 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. Fossil reported average stockholders' equity of $162 billion in 2018 and $158 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