BE 163

The following items were taken from the financial statements of Horace, Inc., over a three-year period:

Item 2009 2008 2007

Net Sales $385,000 $356,000 $300,000

Cost of Goods Sold 214,000 206,000 186,000

Gross Profit $171,000 $150,000 $114,000

Instructions

Compute the following for each of the above time periods.

The amount and percentage change from 2007 to 2008.

The amount and percentage change from 2008 to 2009.