Knowledge check 01 provided below is summary income statement data for freedom corporation. amount sales $ 800,000 cost of goods sold 350,000 operating expenses 180,000 other expense 30,000 income tax expense 20,000 net income $ 220,000 using vertical analysis, what percentage is applicable to cost of goods sold? multiple choice 35.0% 43.8% 56.2% 62.9%

43.8%(approx)

Explanation:

Given that,

Sales = $800,000

Cost of goods sold = 350,000

Operating expenses = 180,000

Other expense = 30,000

Income tax expense = 20,000

Net income = $ 220,000

Here, we are using vertical analysis,

Percentage is applicable to Cost of Goods Sold:

= (Cost of goods sold ÷ Sales) × 100

= ($350,000 ÷ $800,000) × 100

= 0.4375 × 100

= 43.75% or 43.8%(approx)

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