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The following items were taken from the financial statements of Mint, Inc., over a three-year period: Item201820172016 Net Sales $355,000 $336,000 $300,000 Cost of Goods Sold 214,000 206,000 186,000 Gross Profit $141,000 $130,000 $114,000 Compute the amount and percentage change from 2016 to 2017. (Round percentages to 1 decimal place, e.g. 17.5%.) ItemAmountPercentage Net Sales $Enter a dollar amount Enter percentages % Cost of Goods Sold Enter a dollar amount Enter percentages % Gross Profit $Enter a total dollar amount Enter percentages %

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Answer:

                                               2016                                   2017

Net Sales                      $36,000      12%               $19,000         5.7%

Cost of Goods Sold     $20,000      10.8%            $19,000        9.2%

Gross Profit                  $16,000        8.6%             $11,000         5.3%

Explanation:

Net Sales:

2016: Net Sales of 2017 - Net Sales of 2016 = $336,000 - $300,000 =$36,000

2017: Net Sales of 2018 - Net Sales of 2017 = $355,000 - $336,000 = $19,000

Percentage Change in Net Sales:

2016: ($336,000 - $300,000) / $300,000 = 12%

2017: ($355,000 - $336,000) / $336,000 = 5.7%

Cost of Goods Sold:

2016: COGS of 2017 - COGS of 2016 = $206,000 - $186,000 =$20,000

2017: COGS of 2018 - COGS of 2017 = $214,000 - $206,000 = $19,000

Percentage Change in Cost of Goods Sold:

2016: $20,000 / $186,000 = 10.8%

2017: $19,000 / $206,000 = 9.2%

Gross Profit:

2016: Gross Profit of 2017 - Gross Profit of 2016 = $130,000 - $114,000 =$16,000

2017: Gross Profit of 2018 - Gross Profit of 2017 = $141,000 - $130,000 = $11,000

Percentage Change in Gross Profit:

2016: $16,000 / $186,000 = 8.6%

2017: $11,000 / $206,000 = 5.3%

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