Answer:
2016 2017
Net Sales $36,000 12% $19,000 5.7%
Cost of Goods Sold $20,000 10.8% $19,000 9.2%
Gross Profit $16,000 8.6% $11,000 5.3%
Explanation:
Net Sales:
2016: Net Sales of 2017 - Net Sales of 2016 = $336,000 - $300,000 =$36,000
2017: Net Sales of 2018 - Net Sales of 2017 = $355,000 - $336,000 = $19,000
<em>Percentage Change in Net Sales:</em>
2016: ($336,000 - $300,000) / $300,000 = 12%
2017: ($355,000 - $336,000) / $336,000 = 5.7%
Cost of Goods Sold:
2016: COGS of 2017 - COGS of 2016 = $206,000 - $186,000 =$20,000
2017: COGS of 2018 - COGS of 2017 = $214,000 - $206,000 = $19,000
<em>Percentage Change in Cost of Goods Sold:</em>
2016: $20,000 / $186,000 = 10.8%
2017: $19,000 / $206,000 = 9.2%
Gross Profit:
2016: Gross Profit of 2017 - Gross Profit of 2016 = $130,000 - $114,000 =$16,000
2017: Gross Profit of 2018 - Gross Profit of 2017 = $141,000 - $130,000 = $11,000
<em>Percentage Change in Gross Profit:</em>
2016: $16,000 / $186,000 = 8.6%
2017: $11,000 / $206,000 = 5.3%
