Kk171. !Required information($ thousands)Net salesCost of goods soldCurrent Year:Prior Year:Current Year$ 801,810392,887Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (Enter theanswers in thousands of dollars.)$Numerator:Base year cost of goods sold$Prior Year$ 453,000134,088Common-Size Percent for Cost of Goods Sold using Net Sales as the base:Denominator:Analysis period net salesS$392,887134,088801,810=453,000=Common-size percents49.0 %29.6 %

Cost of goods sold meaning:- The total cost of goods sold of the company is the sum of all expenses…

Required information ($ thousands) Net sales Cost of goods sold Current Year $ 801,810 392,887 Current Year: Prior Year: Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (Enter the answers in thousands of dollars.) Prior Year $ 453,000 134,088 Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Denominator: /Analysis period net sales $ S Numerator: Base year cost of goods sold $ $ 392,887 134,088 801,810= 453,000 Common-size percents 49.0 % 29.6 %

Required information ($ thousands) Net sales Cost of goods sold Current Year $ 801,810 392,887 Current Year: Prior Year: Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (Enter the answers in thousands of dollars.) Prior Year $ 453,000 134,088 Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Denominator: /Analysis period net sales $ S Numerator: Base year cost of goods sold $ $ 392,887 134,088 801,810= 453,000 Common-size percents 49.0 % 29.6 %

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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