Choose one answer for each part:

Part $1$:

ROS conclusion, overall:

the firm has a competatitve advantage, and the advantage is improving.

the firm has a competitive advantage, but the advantage is declining.

the firm has insufficient competitive advantage, but performance is improving.

the firm has insufficient competitive advantage, and performance is declining.

Part $2$:

ROS conclusion, performance relative to industry:

Return on Sales is superior to the industry average performance primarily due to the superior Gross Margin.

Return on Sales is superior to the industry average performance primarily due to the lower Operating Expenses.

Return on Sales is superior to the industry average performance due to the superior Gross Margin and the lower Operating Expenses.

Return on Sales is inferior to the industry average performance primarily due to the inferior Gross Margin.

Return on Sales is inferior to the industry average performance primarily due to the higher Operating Expenses.

Return on Sales is inferior to the industry average performance due to the inferior Gross Margin and the higher Operating Expenses

Part $3$:

ROS conclusion, performance trend:ROS Return on Sales $($EBIAT$)$

Return on Sales improvement is due to the improvement in Gross Margin.

Return on Sales improvement is due to effectively lowering Operating Expenses per dollar of sales.

Return on Sales fell due to the decline in Gross Margin.

Return on Sales fell due to the increase in Operating Expenses per dollar of sales.

None of the above