Response to the following problem:
The following information is taken from the records of Black Spruce Co. Ltd.:
|
|
2017
|
2016
|
2015
|
|
Sales
|
$252
|
$141
|
$120
|
|
Gross profit
|
63
|
48
|
54
|
|
Net income
|
12
|
5
|
15
|
Required: Analyze the gross profit and net profit ratios using the above data. Comment on trends you observe.