Question: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift Electrical Ltd Income Statement Comparison Current year Prior Year (amounts in

The income statement for Forklift Electrical Ltd for two years are shown below:

Forklift Electrical Ltd Income Statement Comparison Current year Prior Year (amounts in thousands) Sales $ 33,750 $ 24,750 Cost of goods sold 21,938 16,830 Gross profit $ 11,812 $ 7,920 Wages $ 8,775 $ 6,188 Utilities 675 250 Repairs 169 325 Selling 506 200 Total expenses $ 10,125 $ 6,963 Total assets (investment base) $ 4,500 $ 1,500

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