A1 6 4557 HER General Xfx Accessibility tab summary: An income statement for Lake Athletics is...

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A1 6 4557 HER General Xfx Accessibility tab summary: An income statement for Lake Athletics is presented in cell A5 to E18. S A B C D E M 8 9 10 Net sales 11 Cost of goods sold 12 Gross profit 13 Operating expenses 14 Operating income 15 Other income 16 Income before tax 17 Income tax expense LAKE ATHLETICS Income Statement For the Year Ended December 31 Apparel Amount $3,150,000 Equipment Percent Amount Percent $5,550,000 L 2,720,000 2,830,000 F ne 1,400,000 1,750,000 800,000 95,000 20,000 970,000 241,250 $728,750 875,000 1,955,000 10,000 1,965,000 491,000 18 Net income 19 20 Required: 21 22 23 $1,474,000 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. 24 2. Use the completed vertical analysis above to answer each of the questions below: 25 26 Which product line has the highest gross profit percent? 27 Which product line has the highest net income percent? 28 29 Graded Worksheet + Workbook Statistics Calculation Mode: Automatic WC A1 6 4557 HER General Xfx Accessibility tab summary: An income statement for Lake Athletics is presented in cell A5 to E18. S A B C D E M 8 9 10 Net sales 11 Cost of goods sold 12 Gross profit 13 Operating expenses 14 Operating income 15 Other income 16 Income before tax 17 Income tax expense LAKE ATHLETICS Income Statement For the Year Ended December 31 Apparel Amount $3,150,000 Equipment Percent Amount Percent $5,550,000 L 2,720,000 2,830,000 F ne 1,400,000 1,750,000 800,000 95,000 20,000 970,000 241,250 $728,750 875,000 1,955,000 10,000 1,965,000 491,000 18 Net income 19 20 Required: 21 22 23 $1,474,000 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. 24 2. Use the completed vertical analysis above to answer each of the questions below: 25 26 Which product line has the highest gross profit percent? 27 Which product line has the highest net income percent? 28 29 Graded Worksheet + Workbook Statistics Calculation Mode: Automatic WC