Author Question: When preparing a vertical analysis of an income statement, the "base" is gross sales. (Read 179 times)

HCHenry · **on:** Feb 26, 2020

Question 1

>Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $248,000, and gross sales of $465,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.
◦ beginning inventory percent of net sales: 16.1%, gross sales percent of net sales: 61.9%
◦ beginning inventory percent of net sales: 61.9%, gross sales percent of net sales: 16.1%
◦ beginning inventory percent of net sales: 187.5%, gross sales percent of net sales: 16.1%
◦ beginning inventory percent of net sales: 16.1%, gross sales percent of net sales: 187.5%

Question 2

When preparing a vertical analysis of an income statement, the "base" is gross sales.
◦ True
◦ False

aloop · **Reply #1 on:** Feb 26, 2020

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