Conduct a Du Pont analysis to explain the change in Hershey Corp's profitability from 2019 to 2020. Which of the following is the best explanation for the change in ROE? (Ignore factors that make minor contributions. (i.e., Less than 10%))

Hershey Corp. ($000s)
	2019		2020
Sales	179,295		194,299
Cost of goods sold	94,000		103,205
SG&A	51,387		54,329
EBIT	33,908		36,765
Interest expense	1,244		612
Other income (expenses), net	542		966
Income before income taxes	33,206		37,119
Income taxes	12,994		14,563
Net Income	20,212		22,556
		2019	2020
Cash & marketable securities		18,492	36,758
Accounts receivable		12,061	16,207
Inventories		22,296	22,927
Prepaid expenses		1,359	2,037
Total Current Assets		54,208	77,929
Net Fixed Assets		30,907	32,099
Other assets		51,227	49,674
Total Assets		136,342	159,702
Accounts payable		7,567	8,253
Accrued liabilities		13,155	14,298
Total Current Liabilities		20,722	22,551
Long-term debt		6,058	7,306
Shareholders' Equity
Common stock		6,504	6,698
Capital in excess of par		40,971	50,820
Retained earnings		62,087	72,327
Total Shareholders' Equity		109,562	129,845
Total Liabilities & Equity		136,342	159,702

Question 15 options:

	Equity Multiplier (Leverage)
	Net Profit Margin (Margins)
	Total Asset Turnover (Asset efficiency)
	Net Profit Margin and Total Asset Turnover
	Net Profit Margin and Total Asset Turnover and Leverage