Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete a vertical analysis of the following partial income statement; round all percents to the nearest hundredth percent. Note net sales are 100%. 2019 2018
Complete a vertical analysis of the following partial income statement; round all percents to the nearest hundredth percent. Note net sales are 100%.
2019 2018
| Amount | Percent | Amount | Percent | |
| Sales | 795,450 | 665,532 | ||
| Sale Returns | -6,250 | -5,340 | ||
| Sales Discounts | -6,470 | -5,125 | ||
| Net Sales | 782,730 | 655,067 | ||
| Cost of Goods Sold: | ||||
| Beginning inventory | 75,394 | 81,083 | ||
| Purchases | 575,980 | 467,920 | ||
| Purchase discounts | -4,976 | -2,290 | ||
| Goods available for sale | 646,398 | 546,713 | ||
| Less ending inventory | -66,254 | -65,712 | ||
| Total cost of goods sold | 580,144 | 481,001 | ||
| Gross profit | 202,586 | 174,066 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Ronald W Hilton
7th Edition
0073022853, 978-0073022857
