Top managers of Grover Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given Top managers of Grover Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry.

you the business's income statement, balance sheet, and industry data:

$($Click the icon to view the

Read the requirements.

Requirement $1.$ Prepare a co

the second column should sho

Start by preparing a common$-$

Net sales

Cost of goods sold

Gross profit

Operating expenses

Operating income

Other expenses

Net income

Data table

Grover Products, Inc.

Income Statement Compared with Industry Average

Year Ended December $31,2021$

ach statement should present the comp

Do not enter the $\%$ sign in any of the in you the business's income statement, balance sheet, and industry data:

$($Click the icon to view the income statement.$)($Click the icon to view the balance sheet.$)$

Read the requirements.

Requirement $1.$ Prepal

the second column sho

Start by preparing a cor

Common$-$Size Inco

Net sales

Cost of goods sold

Gross profit

Operating expenses

Operating income

Other expenses

Nethincome

Requirements

Prepare a common$-$size income statement and balance sheet for Grover

Products. The first column of each statement should present the company's

common$-$size statement, and the second column should show the industry

averages.

For the profitability analysis, compare the company's $($a$)$ ratio of gross profit to

net sales, $($b$)$ ratio of operating income to net sales, and $($c$)$ ratio of net

income to net sales with the industry averages. Is the company's profit

performance better or worse than the average for the industry?

For the analysis of financial position, compare Grover Products' $($a$)$ ratios of

current assets and current liabilities to total assets and $($b$)$ ratio

of stockholders' equity to total assets. Compare these ratios with the industry

averages. Is the company's financial position better or worse than the

average for the industry?

tement should present the compa

enter the $\%$ sign in any of the inp Top managers of Grover Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The c

you the business's income sta

$($Click the icon to view the

Read the requirements.

ch statement should present the company'

Do not enter the $\%$ sign in any of the input f

you the business's income statement, balance sheet, and industry data:

$($Click the icon to view the income statement.$)($Click the icon to view the balance sheet.$)$

Read the requirements.

Requirement $1.$ Prepare a common$-$size income statement and balance sheet for Grover Products. The first column of each statement should present the company's common$-$size statement, and

the second column should show the industry averages. $($Round the percentages to the nearest one$-$tenth percent, X$.$X$\%.$ Do not enter the $\%$ sign in any of the input fields.$)$

Start by preparing a common$-$size income statement for Grover Products, Inc.

Grover Products, Inc.

Common$-$Size Income Statement Compared with Industry Average

Year Ended December $31,2021$