You have been provided with the following account balances for Webber Ltd. for the years ended November 30, 2024 and 2025:

Required 

a. Prepare a multi-step, comparative statement of income for Webber for 2024 and 2025. 

b. Determine Webber’s gross margin percentage for each year. In which year was Webber more successful in this area?

c. Did the year with the superior gross margin percentage also have the largest net income? Explain why this may or may not be the case.

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Advertising expense Cost of goods sold General and administrative expenses Income tax expense Interest revenue Rent expense Sales revenue Utilities expense Wages expense 2025 $ 310,000 1,764,000 112,000 82,000 5,200 36,000 3,150,000 88,000 504,000 2024 $ 320,000 1,456,000 105,000 102,000 6,100 27,000 2,800,000 76,000 492,000