Question
Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow. Net sales Cost of goods sold Expenses Common-Size Percentages
Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow.
Net sales
Cost of goods sold
Expenses
Common-Size Percentages
2023
2022
2021
100.0%
100.0%
100.0%
59.9
21.2
57.6
54.7
19.0
19.7
Trend Percentages
2023
108.0%
2022
117.5
106.5%
111.8
110.4
104.2
2021
100.0%
100.0
100.0
Required:
a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.)
Profit Percentage
2021
%
2022
2023
%
b. Determine whether the company's profit increased, decreased, or remained unchanged during this three-year period.
Profit
Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow.
Net sales
Cost of goods sold
Expenses
Common-Size Percentages
2023
2022
2021
100.0%
100.0%
100.0%
59.9
21.2
57.6
54.7
19.0
19.7
Trend Percentages
2023
108.0%
2022
117.5
106.5%
111.8
110.4
104.2
2021
100.0%
100.0
100.0
Required:
a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.)
Profit Percentage
2021
%
2022
2023
%
b. Determine whether the company's profit increased, decreased, or remained unchanged during this three-year period.
Profit
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Wiley CIA Essentials Of Internal Auditing Exam Review 2022 Part 1
Authors: S. Rao Vallabhaneni
1st Edition
1119846285, 978-1119846284
