Waterway and Pharoah sell their products for exactly the same sales price. Both have the same annual total costs. Waterway's variable and fixed costs at break-even total $76800 and $38400 respectively. Pharoah's variable and fixed costs at break-even total $38400 and $76800 respectively. Both companies have the same net income. If both companies experience an increase in sales, which company will have the higher net income? Pharoah. O More information is needed to determine the answer. O Both companies will report the same profits since total costs are the same. Waterway