please do not give answer image 2020969696201996%96Favorable orUnfavorable The following items were taken from the financial statements of Sheridan, Inc., over a four-year period:ItemNet SalesCost of Goods SoldGross ProfitItemNet SalesCost of Goods Sold20222021$721,740$706,050569,920528,320$151,820 $177,730Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit.Indicate whether the trends are favorable or unfavorable for each item. (Round answers to O decimal places, eg. 15%)Gross Profit2020$638,060482,560$155,5002022962019$523,00096416,000$107.00020212020**M

Trend Percentage = Current Year / Base Year * 100

The following items were taken from the hinancial statements d Item Net Sales Cost of Goods Sold Gross Profit 2022 2021 $721,740 $706,050 $638,060 569,920 528,320 482.560 $151,820 $177,730 $155.500 2020 2019 $523,000 416,000 $107,000 Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Indicate whether the trends are favorable or unfavorable for each item. (Round answers to 0 decimal places, eg 15%)

The following items were taken from the hinancial statements d Item Net Sales Cost of Goods Sold Gross Profit 2022 2021 $721,740 $706,050 $638,060 569,920 528,320 482.560 $151,820 $177,730 $155.500 2020 2019 $523,000 416,000 $107,000 Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Indicate whether the trends are favorable or unfavorable for each item. (Round answers to 0 decimal places, eg 15%)

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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