Question: please hProblem 3 - 7 ( Algo ) Profitability ratios [ LO 3 - 2 ] The Haines Corporation shows the following financial data for

please hProblem 3-7(Algo) Profitability ratios [LO3-2]
The Haines Corporation shows the following financial data for 20X1 and 20X2:
20X120X2Sales$ 3,400,000$ 3,000,000Cost of goods sold1,880,0002,060,000Gross profit$ 1,520,000$ 940,000Selling & administrative expense302,000300,000Operating profit$ 1,218,000$ 640,000Interest expense48,00054,400Income before taxes$ 1,170,000$ 585,600Taxes (35%)409,500204,960Income after taxes$ 760,500$ 380,640
For each year, compute the following ratios and indicate how the change in each ratio will affect profitability in 20X2.
Note: Input your answers as a percent rounded to 2 decimal places.elp. solve and show work. thanks.
please hProblem 3 - 7 ( Algo ) Profitability

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