Vertical analysis (common-size) percentages for Ivanhoe Company's sales, cost of goods sold, and expenses are listed here.

Vertical Analysis 2023 2022 2021
Sales revenue 100.0% 100.0% 100.0%
Cost of goods sold 60.6 62.9 63.7
Operating expenses 25.6 28.6 28.0

Required:
Calculate Cullumber’s net income as a percent of sales.

Year                                        202320222021

Net income/salesratio               13.8%8.5%8.3%

Explanation: The net income to sales ratio is computed as net income divided by sales multiplied by 100

Year                               202320222021

                                          %         %             %

Sales revenue                   100  100  100

Less cost of goods sold(60.6)(62.9)(63.7)

Gross profit                            39.437.1       36.3

Less Operating expenses(25.6)(28.6(28)

Net Income                          13.88.5         8.3

Net income to sales = (Net income / sales)    ×100

                                               = 13.8/100    8.5/100    8.3/100  

Net income/sales                13.8%8.5%8.3%

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