Matthew Inc reported the following operating results for two consecutive years. Amount 2020 Sales Cost of Goods Sold Gross...

 

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Matthew Inc reported the following operating results for two consecutive years. Amount 2020 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Income/(Expense) PreTax Income Income Taxes Net Income 2021 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Income/(Expense) PreTax Income Income Taxes Net Income 7,000,000 4,900,000 2,100,000 1,015,000 1,085,000 50,000 1,135,000 227,850 907,150 Amount 8,750,000 5,600,000 3,150,000 1,225,000 1,925,000 30,000 1,955,000 462,000 1,493,000 REQUIRED Express each income statement component for each of the two years as a percent of sales. in a single chart.

Answer rating: 100% (QA)

Year 2020 calculations Cost of Goods Sold COGS as a percentage of Sales COGS 4 900 000 7 000 000 100 View the full answer