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Selected information about The Staccato Company for the current year and prior year is given below. Account Current Prior Net sales revenue $648,000 $595,000 Cost
Selected information about The Staccato Company for the current year and prior year is given below.
Account | Current | Prior |
Net sales revenue | $648,000 | $595,000 |
Cost of goods sold | $401,760 | $425,000 |
Gross profit | $246,240 | $170,000 |
Selling/general expenses | $142,560 | $93,500 |
Net income before tax | $103,680 | $76,500 |
Income tax | $32,400 | $22,800 |
Net income | $71,280 | $53,700 |
The current year's cost of goods sold percentage (as would be found on a vertical analysis of the income statement for the current year) is
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