Program Learning Outcome - Accounting 2 PLO: Utilize critical thinking skills, together with ethical values, to evaluate accounting and financial information and formulate business decisions. Jones Company is a producer of high quality, branded products. Its brand is a household name synonymous with quality for over 25 years. Recently, a discount store began to compete in the territory by offering low quality products at cheaper prices. While Jones believes its customers value quality, Jones was reluctant to let the discounter gain a presence in the marketplace. Jones reacted by significantly reducing the prices of its products to match those of its new competitor and cut certain costs to minimize the effects on its profit. The results of this strategy can be seen in the financial statements of Jones Company below. Based on the limited financial and other information above, please answer the following Based on the limited financial and other information above, please answer the following questions: 1. Do you agree with Jones product pricing strategy? 2. Do the financial statements indicate the strategy was successful and why? 3. Unit volume increased and certain operating expenses decreased over the period. Do you agree these are positive developments and why? 4. Which trends in the financial statements are most concerning in addition to the decrease in profit? Are the effects likely to be only temporary in nature? 5. What competitive strategy would you recommend and why