Which of the following is not one of the steps in the five-step model when goods are being sold? O identify the contract identify the performance obligation(s) determine the transaction price. recognize revenue when it has been earned Question 7 (5 points) The following information is available from recent financial statements of Competitor A and Competitor B: (Amounts in millions) Competitor A Competitor B Cost of goods sold $21,761 $27,257 Income tax expense. 361 766 Sales.... 29,656 36,704 Operating expenses. 7,962 10,435 Net income.... 594 1,072 Income before income tax.. 955 1,838 Instructions (a) Calculate the profit margin and gross profit margin for each company. (b) What conclusions can be drawn from the ratios calculated in part (a) about the relative profitability of the two companies? Format B I U Gross Profit Gross Profit Margin % Competitor AS Competitor B $ %