Use the Following Selected Information from Wheeler,LLC to Determine the 2017

question 202

Multiple Choice

Use the following selected information from Wheeler,LLC to determine the 2017 and 2016 trend percentages for cost of goods sold using 2016 as the base.
$\begin{array}{|l|r|r|}\hline&2017&2016\\\hline \text { Net sales } & \$ 276,200 & \$ 231,400 \\\hline \text { Cost of goods sold } & 151,900 & 129,590 \\\hline \text { Operating expenses } & 55,240 & 53,240 \\\hline \text { Net earnings } & 27,820 & 19,820\\\hline\end{array}$

• A) 36.4% for 2017 and 41.1% for 2016.
• B) 55.0% for 2017 and 56.0% for 2016.
• C) 119.4% for 2017 and 100.0% for 2016.
• D) 117.2% for 2017 and 100.0% for 2016.
• E) 65.1% for 2017 and 64.6% for 2016.

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Definitions:

Supplies Used

Items consumed during the normal course of business operations, recognized as an expense as they are used.

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An internal document used by accountants to prepare financial statements, gather and adjust entries.

Balance Sheet Columns

Sections in a balance sheet presenting assets, liabilities, and shareholders' equity at a specific point in time.

Work Sheet

An informal document used by accountants to organize and consolidate financial information for the preparation of financial statements.