Use the Following Information for Questions:
Consider the Following Income

question 57

Multiple Choice

Use the following information for questions:
Consider the following income statement data for Milan Inc.: $\begin{array} { l }&2011&2010\\ \text {Sales revenue }&\$97,000&\$86,200\\ \text { Less: Cost of goods sold}&45,600&53,400\\ \text {Gross profit }&51,700&32,800\\ \text { Less: Selling and administration costs Income before }&22,500&18,300\\ \text {income tax }&29,200&14,500\\\end{array}$

-Based on common size analysis, which of the following statements is correct?

• A)The increase in sales revenue in 2011 was caused by higher selling and administrative expenses.
• B)The company's cost to sales ratio improved in 2011.
• C)The increase in gross profit in 2011 was due to increased sales.
• D)Net income as a percent of sales declined in 2011.

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