Question 5 The following information was taken from the financial statements of Lawson Company: 2017 2016 Gross profit on sales Income before income taxes Net income Net income as a percentage of net sales $900,000 280,000 240,000 8 % $840,000 230,000 216,000 9 % 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 % %