Income statement information for Lucy Company is provided below. $$\begin{array} { l r }
\text { Sales } & \$ 175,000 \
\text { Cost of goods sold } & 105,000 \
\text { Gross profit } & \$ 70,000
\end{array}$$ Prepare a vertical analysis of the income statement for Lucy Company.

Question

Income statement information for Lucy Company is provided below.​ $$\begin{array} { l r } 
\text { Sales } & \$ 175,000 \
\text { Cost of goods sold } & 105,000 \
\text { Gross profit } & \$ 70,000
\end{array}$$ Prepare a vertical analysis of the income statement for Lucy Company.

Quizplus · Accepted Answer

The Answer of Income statement information for Lucy Company is provided below.​ $$\begin{array} { l r } 
\text { Sales } & \$ 175,000 \
\text { Cost of goods sold } & 105,000 \
\text { Gross profit } & \$ 70,000
\end{array}$$ Prepare a vertical analysis of the income statement for Lucy Company.