HW Problem 4.3 - 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 $) Kellogg (in millions $) Year Year Year Year Year Year Ending Ending Ending Ending Ending Ending 12/31/X3 12/31/X2 12/31/X112/31/X3 12/31/X2 12/31/X1 49.207 38,754 40,492 12,397 12.575 12.822 31,305 24,819 27.164 7.108 7,184 7,455 4.114 3,021 2,884 1,247 1,212 1,148 16,221 12,454 11,461 2,915 2,558 2,521 15,660 11,491 11.044 3,184 2,288 3,552