Problem - A company reports the following comparative income statements:
2009 2008
Net sales......................................................................... $736,000 $840,000
Costs of goods sold....................................................... $518,880 $571,200
Gross profit.................................................................... $217,120 $268,800
Operating expenses...................................................... $104,800 $130,000
Net income..................................................................... $112,320 $138,800
What are the costs of goods sold in common-size percents for 2008 and 2009, respectively?