(Answered) Problem - a company reports the following comparative

Accounting

Problem - A company reports the following comparative income statements:

2009 2008

Net sales......................................................................... $736,000 $840,000

Costs of goods sold....................................................... $518,880 $571,200

Gross profit.................................................................... $217,120 $268,800

Operating expenses...................................................... $104,800 $130,000

Net income..................................................................... $112,320 $138,800

What are the costs of goods sold in common-size percents for 2008 and 2009, respectively?

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