Question
GS Retail reported the following for the past two fiscal years: 2021 2020 Net sales $989,000 $796,000 Cost of goods sold 624,059 496,704 Profit 75,164
GS Retail reported the following for the past two fiscal years:
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net sales | $989,000 | $796,000 | ||||||
| Cost of goods sold | 624,059 | 496,704 | ||||||
| Profit | 75,164 | 66,864 | ||||||
GS Retail reported the following for the past two fiscal years:
| 2021 | 2020 | |||
|---|---|---|---|---|
| Gross profit margin | % | % | ||
| Profit margin | % | % |
Comment on any changes in profitability.
| GS Retail's profitability has improved or deteriorated. |
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Accounting Understanding And Practice
Authors: Robert Perks
3rd Edition
0077124782, 9780077124786
