The Following Selected Amounts Were Extracted from the Financial Statements

question 91

Essay

The following selected amounts were extracted from the financial statements of Flamingo Corporation.
$\begin{array}{|l|l|l|l|l|}\hline&Year 4&Year 3&Year 2&Year 1\\\hline &&&\\\hline \text { Net sales } & \$ 175,000 & \$ 170,000 & \$ 165,000 & \$ 150,000 \\\hline \text { Cost of goods sold } & 109,000 & 104,500 & 100,500 & \$ 3,000 \\\hline \text { Grossmargin } & 66,000 & 65,500 & 64,500 & \$ 7,000 \\\hline &&&\end{array}$ Prepare a trend analysis for net sales, cost of goods sold, and gross margin. (Round answers to the nearest tenth of 1 percent.) Use Year 1 as the base year.