The following reflects the sales and cost of goods sold of Regina Retail Company for the

years 2020 and 2021:

2020 Net sales = $389,515, Cost of Goods Sold = $251,311

2021 Net sales = $447,531, Cost of Goods Sold = $267,542

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

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

c) In which year was the gross profit ratio worse for Regina Retail Company?