Financial statements analysis:

a) Traditional Income Statement (Table 1): The gross profit and gross profit percent

are useful analysis tools for evaluating performance in a traditional cost accounting system. Use the traditional Income statement inTable 1to determine the following.

i) The difference in dollar amount of Gross Profit over the two years presented.

ii) Determine the Gross Profit % for each year.

iii) Based on Gross Profit % above, which year is more profitable?

iv) Based on your knowledge of traditional cost accounting system and related analytical tools discussed in class:

1. Identify for each of the presented years, whether the variances used to adjust the standard Cost of Sales are favorable or unfavorable.
2. Provide a brief explanation of the noted change in variances above over the presented years.

reference for case is here:

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