In its year-end financial statements, Pillar Inc. reported the following (in millions): 2016 2015 Sales $38,152 $46,541 Cost of goods sold $28,309 $33,211 As a percentage of sales, did Pillar's gross profit increase or decrease during the year? Select one: a. Gross profit decreased from 28.6% to 25.8% b. Gross profit increased from 71.4% to 74.2% c. Gross profit decreased from 74.2% to 71.4% d. There is not enough information to answer the question. e. Gross profit increased from 25.8% to 28.6%
In its year-end financial statements, Pillar Inc. reported the following (in millions): 2016 2015 Sales $38,152 $46,541 Cost of goods sold $28,309 $33,211 As a percentage of sales, did Pillar's gross profit increase or decrease during the year? Select one: a. Gross profit decreased from 28.6% to 25.8% b. Gross profit increased from 71.4% to 74.2% c. Gross profit decreased from 74.2% to 71.4% d. There is not enough information to answer the question. e. Gross profit increased from 25.8% to 28.6%
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 7PEA: Financial statement data for years ending December 31 for Latchkey Company follows: a. Determine the...
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In its year-end financial statements, Pillar Inc. reported the following (in millions):
| 2016 | 2015 | |
|---|---|---|
| Sales | $38,152 | $46,541 |
| Cost of goods sold | $28,309 | $33,211 |
As a percentage of sales, did Pillar's gross profit increase or decrease during the year?
Select one:
a. Gross profit decreased from 28.6% to 25.8%
b. Gross profit increased from 71.4% to 74.2%
c. Gross profit decreased from 74.2% to 71.4%
d. There is not enough information to answer the question.
e. Gross profit increased from 25.8% to 28.6%
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