The following reflects the sales and cost of goods sold of Humbolt Hardware Company for the years 2022 and 2023:

2022 Net sales = $407,535, Cost of Goods Sold = $255,546 2023 Net sales = $472,783, Cost of Goods Sold = $316,574

a) Calculate the gross profit from sales for each year. (2 marks)

b) Calculate the gross profit ratio for each year - show your calculations! (2 marks)

c) In which year was the gross profit ratio worse for Humbolt Hardware Company? (1 mark)