Question 5 The following information was taken from the financial statements of Lawson Company: 2017 2016 Gross profit on sales Income before income taxes $900,000 280,000 240,000 8 % $840,000 230,000 216,000 9 % Net income Net income as a percentage of net sales Compute the net sales for each year. 2017 2016 Net Sales $ Compute the cost of goods sold in dollars and as a percentage of net sales for each year. 2017 2016 Cost of goods sold in dollars $ $ Cost of goods sold as a percentage of net sales % % Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses). (Round percentages to 1 decimal place, e.g. 15.2% and all other answers to o decimal places, e.g. 1,525.) 2017 2016 Operating expenses in dollars $ Operating expenses as a percentage of net sales % % Click if you would like to Show Work for this question: Open Show Work