Here are the comparative income statements of Blevins Corporation.
| BLEVINS CORPORATION | ||
| 2012 | 2011 | |
| Net sales | $598,000 | $500,000 |
| Cost of goods sold | 477,000 | 420,000 |
| Gross profit | $121,000 | $ 80,000 |
| Operating expenses | 80,000 | 44,000 |
| Net income | $ 41,000 | $ 36,000 |
Instructions
(a) Prepare a horizontal analysis of the income statement data for Blevins Corporation, using 2011 as a base. (Show the amounts of increase or decrease.)
(b) Prepare a vertical analysis of the income statement data for Blevins Corporation for both years.
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