Using the following operating data for Manchac Corporation, express the income statement in common-size percents. 2018 Net sales $350,000

Cost of goods sold 200,000

Gross Profit 150,000

Operating expenses 120,000

Net income 30,000

• A.

  Percent Net sales 120%

  Cost of goods sold 77%

  Gross Profit 43%

  Operating expenses 34%

  Net Income 9%

• B.

  Percent Net sales 150%

  Cost of goods sold 107%

  Gross Profit 43%

  Operating expenses 34%

  Net Income 9%

• C.

  Percent Net sales 100%

  Cost of goods sold 43%

  Gross Profit 57%

  Operating expenses 34%

  Net Income 23%

• D.

  Percent Net sales 100%

  Cost of goods sold 57%

  Gross Profit 43%

  Operating expenses 34%

  Net Income 9%

• E.

  Percent Net sales 100%

  Cost of goods sold 34%

  Gross Profit 66%

  Operating expenses 43%

  Net Income 13%