Assume the average cost of computer equipment fell 21.2 percent between 2016 and 2017. Let's see...

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Assume the average cost of computer equipment fell 21.2 percent between 2016 and 2017. Let's see whether these changes are reflected in the income statement of Computer Tycoon Inc. for the year ended December 31, 2017. Sales Revenues 2017 $98,600 2016 $122,000 Cost of Goods Sold 60,600 73,700 Gross Profit 38,000 48,300 Selling, General, and Administrative Expenses 34,200 34,200 Interest Expense 542 428 Income Before Income Tax Expense Income Tax Expense 3,258 1,600 13,672 5,146 Net Income $ 1,658 $ 8,526 Required: 1-a. Compute the gross profit percentage for each year. (Round your answers to 1 decimal place.) 2017 2016 Gross profit % % Assume the average cost of computer equipment fell 21.2 percent between 2016 and 2017. Let's see whether these changes are reflected in the income statement of Computer Tycoon Inc. for the year ended December 31, 2017. Sales Revenues 2017 $98,600 2016 $122,000 Cost of Goods Sold 60,600 73,700 Gross Profit 38,000 48,300 Selling, General, and Administrative Expenses 34,200 34,200 Interest Expense 542 428 Income Before Income Tax Expense Income Tax Expense 3,258 1,600 13,672 5,146 Net Income $ 1,658 $ 8,526 Required: 1-a. Compute the gross profit percentage for each year. (Round your answers to 1 decimal place.) 2017 2016 Gross profit % %

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