Revenue and expense data for Vent Molded Plastics and for the plastics industry as a whole follow:
|
Vent Molded Plastics
|
Plastics Industry
|
|
Sales
|
$462,000
|
100.3%
|
|
Sales returns
|
4,500
|
0.3
|
|
Cost of goods sold
|
330,000
|
67.1
|
|
Selling expenses
|
43,000
|
10.1
|
|
General expenses
|
32,000
|
7.9
|
|
Other income
|
1,800
|
0.4
|
|
Other expense
|
7,000
|
1.3
|
|
Income tax
|
22,000
|
5.5
|
Required: Convert the dollar figures for Vent Molded Plastics into percentages based on net sales. Compare these with the industry average, and comment on your findings.