For the Following Financial Statement Items, Calculate Trend Percents Using

question 17

Essay

For the following financial statement items, calculate trend percents using 2010 as the base year:
$$\begin{array} { | l | r | r | r | r | r | } \hline & { 2014 } & { 2013 } & { 2012 } &{ 2011 } & { 2010 } \\\hline \text { Sales } & \$ 1,195,400 & \$ 1,118,000 & \$ 1,049,000 & \$ 963,200 & \$ 860,000 \\\hline \text { Cost of sales } & 752,400 & 704,000 & 671,000 & 616,700 & 559,000 \\\hline \text { Gross profit } & \$ 443,000 & \$ 414,000 & \$ 378,000 & \$ 346,500 & \$ 301,000 \\\hline\end{array}$$

---

Definitions:

Goods in Process Inventory

Inventory that is in the production process but is not yet completed.