Which of the following statements is correct? Group of answer choices A)When cost of goods sold as a percentage of sales decreases, the gross profit percentage will decrease. B)It is possible that when cost of goods sold in dollars increases, cost of goods sold as a percentage of sales decreases. C)If gross profit percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change. d)If gross profit percentage increases from one year to the next, then the net income percentage will also increase from one year to the next. E)None of the above
Which of the following statements is correct? Group of answer choices A)When cost of goods sold as a percentage of sales decreases, the gross profit percentage will decrease. B)It is possible that when cost of goods sold in dollars increases, cost of goods sold as a percentage of sales decreases. C)If gross profit percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change. d)If gross profit percentage increases from one year to the next, then the net income percentage will also increase from one year to the next. E)None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements is correct?
Group of answer choices
A)When cost of goods sold as a percentage of sales decreases, the gross profit percentage will decrease.
B)It is possible that when cost of goods sold in dollars increases, cost of goods sold as a percentage of sales decreases.
C)If gross profit percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change.
d)If gross profit percentage increases from one year to the next, then the net income percentage will also increase from one year to the next.
E)None of the above
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