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Question - The president of Best Car? Parts, Inc. has asked you to compare the? company's profit performance and financial position with the averages for the industry. The accounting office has given you the? company's income statement and balance? sheet, as well as the industry average data for? competitors:
Best Car Parts, Inc. Income Statement Compared with Industry Average For the Year Ended December 31, 2020
Best
Industry
Car Parts
Average
Net sales
$779,000
100.00%
Cost of goods sold
525,046
65.8
Gross margin
253,954
34.2
Operating expenses
160,474
19.7
Operating income
93,480
14.5
Other expenses
4,674
0.4
Net income
$88,806
14.10%
Best Car Parts, Inc. Balance Sheet Compared with Industry Average 31-Dec-20
Current assets
$283,500
70.90%
Property, plant, and equipment
108,360
23.6
Intangible assets, Net
7,140
0.8
Other assets
21,000
4.7
Total assets
$420,000
Current liabilities
$194,880
48.10%
Long-term liabilities
94,920
16.6
Total liabilities
289,800
64.7
Shareholders' equity
130,200
35.3
Total liabilities and shareholders' equity
Required -
1. Make a vertical analysis for Best for both its income statement and balance sheet.
2. Compare the? company's gross margin percentage? (gross margin as a percent of net? sales) with the average for the industry. Comment on their investment in assets compared to the industry information shown.
Compute the flexible variances and indicate whether favorable or unfavorable
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