Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,100 $ % Less: Sales Returns and Allowances 14,200 12,400 Net Sales 262,800 187,700 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise Inventory, Dec. 31 43,000 60,200 Cost of Goods Sold 49,200 29,100 Gross Margin 213,600 158,600
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,100 $ % Less: Sales Returns and Allowances 14,200 12,400 Net Sales 262,800 187,700 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise Inventory, Dec. 31 43,000 60,200 Cost of Goods Sold 49,200 29,100 Gross Margin 213,600 158,600
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
Related questions
Question
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)
Increase/Decrease | ||||
---|---|---|---|---|
Revenue | 2019 | 2018 | Amount | Percent |
Gross Sales | $277,000 | $200,100 | $ | % |
Less: Sales Returns and Allowances |
14,200 | 12,400 | ||
Net Sales | 262,800 | 187,700 | ||
Cost of Goods Sold | ||||
Merchandise Inventory | 31,900 | 33,800 | ||
Net Purchases | 60,300 | 55,500 | ||
Goods Available for Sale | 92,200 | 89,300 | ||
Less: Merchandise Inventory, Dec. 31 |
43,000 | 60,200 | ||
Cost of Goods Sold | 49,200 | 29,100 | ||
Gross Margin | 213,600 | 158,600 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,