Question
Crane Merchants reported the following on its income statement for the fiscal years ended December 31, 2023 and 2022. 2023 2022 Sales $4.851.000 $4.753.000 Cost
Crane Merchants reported the following on its income statement for the fiscal years ended December 31, 2023 and 2022.
2023
2022
Sales
$4.851.000
$4.753.000
Cost of goods sold
3.259.872
3.203.522
Gross profit
1,591,128
1.549.478
Operating expenses
878.031
898.317
Profit for the year
$713.097
$651.161
Calculate the gross profit margin for Crane for 2022 and 2023. (Round answers to 1 decimal place, e.g. 52.7%.)
Gross profit margin
*
2023
2022
Calculate the profit margin for Crane for 2022 and 2023. (Round answers to 1 decimal place, e.g. 52.7%.)
Profit margin
2023
2022
%
%
For each ratio calculated in the parts above, comment if the ratio has improved or deteriorated from 2022 to 2023.
The gross profit margin has
from 2022 to 2023.
The profit margin has
from 2022 to 2023.
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Introduction To Management Accounting With Myaccountinglab And
Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler
1st Edition
1292178116, 978-1292178110
