Question: Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal

Exercise 13-4 Common-size percent computation and interpretation LO P2

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31, 2017 and 2016
2017 2016
$ % $ %
Sales $785,000 $680,000
Cost of goods sold 560,000 284,400
Gross profit 225,000 395,600
Operating expenses 129,200 250,400
Net income $95,800 $145,200

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