21 Use the following selected information from Letterman Corporation to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base. Net sales Cost of goods sold Operating expenses Net earnings Multiple Choice O Year 2 $ 505,800 214,900 78,340 39,580 172.5% for Year 2 and 195.0% for Year 1. 7.8% for Year 2 and 6.8% for Year 1. Year 1 $ 410,600 135,050 75,500 28,080

Use the following selected information from Letterman Corporation to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base. Multiple Choice 172.5% for Year 2 and 1950% for Year 1 7.8% for Year 2 and 6.8% for Year 1