Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (answers in thousands of dollars.)($ thousands)Net salesCost of goods soldCurrent Year:Prior Year:PriorCurrentYear$801,810 $ 453,000Year:392,887 134,088Common-Size Percent for Cost of Goods Sold using Net Sales as the base:Choose Denominator:Base year net sales801,810/$453,000/ $Choose Numerator:Analysis period net salesSS453,000=453,000 =Common-size percents177.0 %100.0 %

The ratio analysis helps to analyse the financial statements of the business. The cost of goods sold…

Answered: Determine the Prior Year and Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory (in necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth. Net Sales Cost of Goods Sold $345,000 Need Help? Read It Beginning Inventory $44,000 Ending Inventory $52,000 $ Average Inventory Inventory Turnover Published Rate 6.0 $ Target Average Inventory
Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3. Average-cost (Round answers to 1 decimal place, e.g. 51.2%)
The lable shows some of the hems in an economy's National Income and Product Accounts Calculate net domestic product at factor cost using the income approach What is the statistical discrepancy? Arseto 1 decimal place Amount Wage Government exper Interest, rent, and pra Consumption expend 6.0 2.0 24 74 1.6 00 Indirect as less subsidies 07 Retired prof 16 1.3 1.1 10.5 1.3 Using the income approach, nel domestic product al factor con The statistical discrepancy is Transf Personal Income GNP Depreciation
Use the following selected information from Whitman Corp. to determine the Year 1 and Year 2 trend percentages for cost of goods sold using Year 1 as the base. Year 2 Year 1 Net sales $281,700 $232,500 Cost of goods sold Operating expenses Net earnings 150,800 130,690 54,140 52,140 29,120 20,920 Multiple Choice 115.4% for Year 2 and 100.0% for Year 1.
Calculate necessary data where you have a ? in the table
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
#becausesneaker.... HW CH 17 Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of merchandise sold Selling expenses Administrative expenses Income tax expense Custom Order Sales Cost of merchandise sold Selling expenses a. Prepare an income statement in comparative form, statin each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Administrative expenses Income tax expense $483,000 280,140 82,110 86,940 14,490 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount $483,000 280,140 82,110 86,940 14,490 percentage points, and administrative expenses net income as a percent of sales Current year Percent % % % % % % $420,000 218,400 79,800 71,400 21,000 % % % Previous year Amount $420,000 218,400 79,800 71,400 21,000 Previous year Percent b.…
Complete the comparative income statement and balance sheet for Logic Company. Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent.

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