17.2

Vertical Analysis Income statement Information for Ivanoff Corporation follows: Sales $547,000 Cost of goods sold 191,450 Gross profit 355,550 Prepare a vertical analysis of the income statement for Ivanoff Corporation. If required, round percentage answers to the nearest whole number, Ivanoff Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $547,000 Cost of goods sold 191,450 % Gross profit $355,550