Answer the following question with work shown. In its 2016 annual...
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Accounting
Answer the following question with work shown.
In its 2016 annual report, Caterpillar Inc. reported the following (in millions): 2016 $38,537 2015 $47,011 Sales Cost of goods sold $28,309 33,546 As a percentage of sales, did Caterpillar's gross profit increase or decrease during 2016? Gross profit increased from 26.8% to 28.6% Gross profit decreased from 28.6% to 26.5% Gross profit increased from 71.4% to 73.2% Gross profit decreased from 73.2% to 71.4% E) There is not enough information to answer the
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