19. To study trends in a firm's cost of goods sold (COGS), the analyst should standardize the cost of goods sold numbers to a common-sized basis by dividing COGS by: (15) assets sales net income 20. Select all limitations of financial ratios analysis (15) Data on comparable firms are difficult to acquire Determining the target or comparison value for a ratio requires judgment. Different accounting treatments require the analyst to adjust the data before comparing ratios. Ratios are not useful when viewed in isolation Adjustments to reconcile results from different accounting standards distort comparisons Performance from different divisions are consolidated for reporting