Solution-Compute the percentage increase in net sales

Compute the percentage increase in net sales

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Reference no: EM132440760

Question - Comparative data for the Spencer Company for the two-year period 2010-2011 are as follows:

Income Statement Data
	2010	2011
Gross sales	$2,760,000	$1,800,000
Sales returns and allowances	240,000	300,000
Net sales	$2,520,000	$1,500,000
Cost of goods sold	1,575,000	870,000
Gross profit on sales	$945,000	$630,000
Operating Expenses	615,000	480,000
Net income	$330,000	$150,000

Form the given data, compute the following:

(1) Percentage increase in net sales.

(2) Percentage increase in cost of goods sold.

(3) Percentage of net income to net sales for 2010 and 2011.

(4) Dollar increase in net income.

(5) Percentage increase in net income.

(6) Operating expense as a percentage of net sales for 2010 and 2011.

Reference no: EM132440760

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Compute the percentage increase in net sales

Reference no: EM132440760

Reference no: EM132440760

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