Question: - A) Calculate the gross margin ratio each year. B) Is Kraft's gross margin improving or declining? C) What factors could cause the fluctuation?

- A) Calculate the gross margin ratio each year. B) Is Kraft's

- A) Calculate the gross margin ratio each year. B) Is Kraft's gross margin improving or declining? C) What factors could cause the fluctuation? Net Sales Cost of Sales Net Income Current Assets Current Liabilities Kraft (in millions $) Year Kellogg (in millions $) Year Year Year Ending Ending Ending Ending Ending 12/31/X3 12/31/X2 12/31/X1 12/31/X3 12/31/X2 Year 49,207 38,754 31,305 4.114 16,221 15.660 11,491 11,044 40,492 12,397 24.819 27,164 7,108 2.884 3,021 12,454 1,247 11,461 2,915 3,184 12,575 7,184 1,212 2,558 2,288 Year Ending 12/31/X1 12,822 7.455 1,148 2,521 3,552

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