Question: ASK YOUR Perform a vertical analysis for the entry Gross Sales on the portion of an income statement shown below (as a %). (Round to

 ASK YOUR Perform a vertical analysis for the entry "Gross Sales"

ASK YOUR Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below (as a %). (Round to nearest tenth. Revenue Gross Sales $183,000 % Less: Sales Returns and Allowances 11,200 Net Sales 171,800 Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 128,350

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