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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