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Exercise 14.3 (Algo) Common Size Income Statements (LO14-1) Year 2 Year 1 Sales $ 531,000 $ 419,000 Cost of goods sold 318,600 276,540 Gross profit

Exercise 14.3 (Algo) Common Size Income Statements (LO14-1) Year 2 Year 1 Sales $ 531,000 $ 419,000 Cost of goods sold 318,600 276,540 Gross profit $ 212,400 $ 142,460 Operating expenses 100,890 108,940 Net income $ 111,510 $ 33,520

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