Fortune Brands Home & Security, Inc., sells Master Lock padlocks. It reported an increase in net sales

Question:

Fortune Brands Home & Security, Inc., sells Master Lock padlocks. It reported an increase in net sales from $ 3.3 billion in 2011 to $ 3.6 billion in 2012, and an increase in gross profit from $ 1.0 billion in 2011 to $ 1.2 billion in 2012. Based on these numbers, determine whether the change in gross profit was caused by an increase in gross profit per sale, an increase in sales volume, or a combination of the two.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

Question Posted: