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 Identify for each of the presented years, whether the variances used to adjust the standard Cost of Sales are favorable or unfavorable Provide a brief explanation of the noted change in variances above over the presented years reference for case is here https learn ca central 1 prod fleet01 xythos content blackboardcdn com 5e99d3f427e82 4107446 X Blackboard Expiration 1616058000000 X Blackboard Signature z8cCL2BXHm3qdNEVqZusU5jMuZb93ovrIW8mz 2BmOLFU 3D X Blackboard Client Id 309380 response cache control private 2C 20max age 3D21600 response content disposition inline 3B 20filename 2A 3DUTF 8 27 272021 01 01 2520big 25203 2520 252B 2520toyota 2520cost accounting approaches the lean success 2520 25281 2529 pdf response content type application 2Fpdf X Amz Algorithm AWS4 HMAC SHA256 X Amz Date 20210318T030000Z X Amz SignedHeaders host X Amz Expires 21600 X Amz Credential AKIAZH6WM4PLXDUOTQ63 2F20210318 2Fca central 1 2Fs3 2Faws4 request X Amz Signature f75f8e15777a0f0aebe7b03a29de5bed4c7e72705395ef7f2add0f321df2e8cf

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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

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:

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

reference for case is here:

https://learn-ca-central-1-prod-fleet01-xythos.content.blackboardcdn.com/5e99d3f427e82/4107446?X-Blackboard-Expiration=1616058000000&X-Blackboard-Signature=z8cCL2BXHm3qdNEVqZusU5jMuZb93ovrIW8mz%2BmOLFU%3D&X-Blackboard-Client-Id=309380&response-cache-control=private%2C%20max-age%3D21600&response-content-disposition=inline%3B%20filename%2A%3DUTF-8%27%272021-01-01%2520big%25203%2520%252B%2520toyota%2520cost-accounting-approaches-the-lean-success%2520%25281%2529.pdf&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20210318T030000Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21600&X-Amz-Credential=AKIAZH6WM4PLXDUOTQ63%2F20210318%2Fca-central-1%2Fs3%2Faws4_request&X-Amz-Signature=f75f8e15777a0f0aebe7b03a29de5bed4c7e72705395ef7f2add0f321df2e8cf