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Question - The following income statements for 20X7 and 20X8 are for Kaylee Inc., a client who owns a chain of restaurants.
20X8
20X7
Revenue
$13,378,554
$13,370,994
Cost of goods sold
10,775,151
10,665,152
Gross margin
2,603,403
2,705,842
Selling, general, and administrative expenses
1,550,215
1,415,165
Operating income
1,053,188
1,290,677
Net interest expense
135,165
157,485
Earnings before income taxes
918,023
1,133,192
Income taxes
257,046
317,294
Net income
$660,977
$815,898
Kaylee Frye, the CEO, has recently heard the term "horizontal analysis" with respect to financial statement analysis. Which of the following is the percentage for the horizontal analysis of the cost of goods sold?
a) -3.79%
b) 1.02%
c) 1.03%
d) 80.54%
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