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The following information was taken from the financial statements of Lawson Company: The following information was taken from the financial statements of Lawson Company: Gross
The following information was taken from the financial statements of Lawson Company:
The following information was taken from the financial statements of Lawson Company: Gross profit on sales Income before income taxes Net income Net income as a percentage of net sales 2019 $900,000 280,000 240,000 8 % 2018 $840,000 230,000 216,000 9% Compute the net sales for each year. 2019 2018 Net Sales S Compute the cost of goods sold in dollars and as a percentage of net sales for each year. 2019 2018 Cost of goods sold in dollars $ $ Cost of goods sold as a percentage of net sales % % Compute the cost of goods sold in dollars and as a percentage of net sales for each year. 2019 2018 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 0 decimal places, e.g. 1,525.) 2019 2018 Operating expenses in dollars $ $ Operating expenses as a percentage of net sales % %Step by Step Solution
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