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The following information was obtained from the income statements of Gray Company and Moore Company to be used in vertical analysis 1 Income Statement For
The following information was obtained from the income statements of Gray Company and Moore Company to be used in vertical analysis 1 Income Statement For Year Ended December 31, 2019 Gray Company Moore Company Sales $2,080,000 $1,040,000 Cost of Goods Sold 1,040,000 546,000 Gross Profit 1,040,000 494,000 Operating Expense 728,000 328,500 Income before Taxes 312,000 165,500 Income Tax Expense 118,560 62,890 Net Income $ 193,440 S102,610 Required: 1. Compute Gray Company's Gross profit as a percentage of sales. 2. Compute Moore Company's Gross profit as a percentage of sales. Round your responses to two decimal places. 1. Gray Company : 2. Moore Company : %
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