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What is gross profit as a percentage of the base year

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Question - A horizontal analysis is being conducted for TTG Ltd. with 2020 as the base year.

TTG Ltd. Income Statement Year Ended December 31

2020

2021

2022

Revenue

$732,000

$782,000

$832,000

Cost of goods sold

439,200

461,380

482,560

Gross profit

292,800

320,620

349,440

Selling expenses

109,800

109,480

124,800

Operating expenses

36,600

46,920

41,600

Operating income

146,400

164,220

183,040

Income tax expense

51,240

57,477

64,064

Net income

95,160

106,743

118,976

Required - Based on the above comparative income statement, what is 2022 Gross Profit as a percentage of the base year?

Reference no: EM133175221

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