Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fortune Brands Home & Security, Inc. sells Master Lock padlocks. It reported an increase in net sales from $4.6 billion in 2011 to $4.9 billion
Fortune Brands Home & Security, Inc. sells Master Lock padlocks. It reported an increase in net sales from $4.6 billion in 2011 to $4.9 billion in 2012, and an increase in gross profit from $1.4 billion in 2011 to $1.6 billion in 2012.
a. Calculate each year's gross profit percentage. (Round your answer to 1 decimal place.)
Gross Profit Percentage 2012 % 2011 %
b. Determine whether the change in gross profit was cause by.
an increase in gross profit per sale. an increase in sale volume. an increase in gross profit per sale and sales volume.
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