Using the same case, calculate the independent effects of a 2 percent increase in Gross Margin, a 2 percent decrease in the Tax Rate, and a 5 percent decrease in Sales. 1.a Given the following case, calculate the independent effects of a 1 percent increase in Gross Margin, a 1 percent decrease in the TaxRate, and a 5 percent increase in Sales. Using the base case, calculate the composite effects of a 5 percent increase in Sales, a 2 percent decrease in Gross Margin, and a 5 percent increase is SG\&A as percent of Sales. Colossal Chemical Corporation Year Ended December 31, 2021 (\$000,000 omitted) Base Case Combined Sales Cost of goods sold Selling, general, and administrative expense Depreciation Research and development Total costs and expenses Operating Income Interest expense Earnings before Income Taxes Provision for Income Taxes Net Income $2,110$ 1,245 401 121 108 $1,875$ 235 34 $201$ 40 $161$ For the base case in this question, as a percentage of sales, COGS =59 percent, SGA =19 percent, R&D=5.1 percent. Depreciation, Interest expense are fixed as stated. Tax Rate is 20 percent