1. The Keyes company had the following comparative income statements for 20x2 and 20x1

20x2 20x1

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Net sales $630,000 $552,000

Cost of goods sold 428,400 389,160

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Gross profit 201,600 162,840

Operating expenses 97,500 78,600

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Net income 104,100 84,240

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What is the cost of goods sold in common-size percentages for 20x2 and 20x1?

1. 110.1% in 20x2; 100.00 in 20x1
2. 24.3% in 20z2; 21.6 % in 20x1
3. 41.2% in 20x2; 46.2% in 20x1
4. 68.0 in 20x2; 70.5% in 20x1
5. 147.0 % in 20x2; 141.8 % in 20x1