Ask Question
BusinessBusiness
29 August, 01:33

Jack Corporation uses horizontal analysis to compare its income statement from year to year. Jack Corporation reported the following data last year as well as the percent change when compared to the current year:

Total Last Year % Change in Current Year

Sales Revenue $600,000 7.00%

Cost of Goods Sold $180,000 1.00%

Gross Profit $420,000

What is the Cost of Goods Sold in the current year?

A. $657,600

B. $560,748

C. $642,000

D. $42,000

+5
Answers (1)
  1. 29 August, 03:36
    0
    Current year cost of goods sold is $181,800.

    Explanation:

    The current year cost of goods sold is calculated as follows:

    Current year cost of goods sold = Last year cost of goods sold + Current year change

    = $180,000 + ($180,000 * 1%)

    = $180,000 + $1,800

    = $181,800

    Therefore, current year cost of goods sold is $181,800.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jack Corporation uses horizontal analysis to compare its income statement from year to year. Jack Corporation reported the following data ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Place or distribution is a major factor in developing a service marketing strategy because:a) the quality of a service is seldom inconsistent. b) services are highly tangible. c) services cannot be delivered beyond the provider's physical location.
Answers (1)
The marginal product of labor eventually slopes downward due to diminishing marginal costs diminishing average returns diminishing marginal utility the law of diminishing marginal productivity
Answers (1)
If Ann were to convert some of her checkable deposits into a certificate of deposit, which of the following changes would take place? a. M1 would decrease and then increase; M2 would increase and then decrease b.
Answers (1)
Exercise 7-6 presented below is information from metlock computers incorporated. july 1 sold $26,200 of computers to robertson company with terms 3/15, n/60. metlock uses the gross method to record cash discounts.
Answers (1)
4. Bear Traders is considering a project that will produce sales of $38,000 and increase cash expenses by $15,500. If the project is implemented, taxes will increase by $3,000. The additional depreciation expense will be $2,600.
Answers (1)
New Questions in Business
How can you customize existing templates? Check all that apply. Add ""visual cliches"" Adjust the color scheme Select different fonts Eliminate boldface and italics Add a company logo
Answers (1)
Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful, the present value of the payoff (when the product is brought to market) is $33.1 million. If the DVDR fails, the present value of the payoff is $11.1 million.
Answers (1)
1. Loan 1 is a 4%, 5-year balloon loan for $3,000,000 with interest due and paid annually on December 31. Drake records interest annually on December 31.
Answers (1)
Every day on your way to basketball practice you wave to Mr. Martin who owns the neighborhood flower stand Mr. Martin's store is probably a? A. Limited Partnership B. Sole Proprietorship C. Small Corporation D. Parent Company
Answers (2)
What is negative communication from citizens
Answers (1)
Home » Business » Jack Corporation uses horizontal analysis to compare its income statement from year to year. Jack Corporation reported the following data last year as well as the percent change when compared to the current year: Total Last Year % Change in Current
Sign Up Forgot Password?