Solved: What are the costs of goods sold in common-size percents, Accounting Basics

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What are the costs of goods sold in common-size percents

Qusetion: A company reports the following comparative income statements:
2011 2010

Net Sales................$736,000 $840,000

Cost of Golds 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 2010 and 2011, respectively?

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Accounting Basics: What are the costs of goods sold in common-size percents

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