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Pages Corporation, Inc. has the following income statement (in millions): Vaughn Corporation, Inc. Income Statement For the Year Ended December 31, 2020 $370 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income O O O 111 30% 70% 50% 100% 259 65 Using vertical analysis, what percentage is assigned to cost of goods sold? $194

Pages Corporation, Inc. has the following income statement (in millions): Vaughn Corporation, Inc. Income Statement For the Year Ended December 31, 2020 $370 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income O O O 111 30% 70% 50% 100% 259 65 Using vertical analysis, what percentage is assigned to cost of goods sold? $194

FINANCIAL ACCOUNTING
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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Pages Corporation, Inc. has the following income statement (in millions): Vaughn Corporation, Inc. Income Statement For the Year Ended December 31, 2020 $370 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Гооо 111 30% 70% 50% 100% 259 65 Using vertical analysis, what percentage is assigned to cost of goods sold? $194
Transcribed Image Text:Pages Corporation, Inc. has the following income statement (in millions): Vaughn Corporation, Inc. Income Statement For the Year Ended December 31, 2020 $370 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Гооо 111 30% 70% 50% 100% 259 65 Using vertical analysis, what percentage is assigned to cost of goods sold? $194
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