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M & M Manufacturing has provided the following comparative income statements for 2021 and ...

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M & M Manufacturing has provided the following comparative income statements for 2021 and ...

M & M Manufacturing has provided the following comparative income statements for 2021 and 2022.

2021

2022

Net sales	$132,000	$136,000
Cost of goods sold	68,000	72,000
Gross margin	64,000	64,000
Selling and administrative expenses	26,000	36,000
Depreciation	6,000	8,000
Operating profit	32,000	20,000
Income taxes	8,000	5,000
Net income	$ 24,000	$ 15,000

Required:

Prepare a common-size analysis of M & M's income statement for 2022.

Textbook

Managerial Accounting

Edition: 4^th

Author: Davis

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