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A sportswear retailer reported net sales of $312,000 in year 1. Its cost of sales...

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Accounting

A sportswear retailer reported net sales of $312,000 in year 1. Its cost of sales was $192,000 for the same year. For years 2 and 3, the retailer plans to increase net sales by 16 percent in year 2 and 21 percent in year 3. It also plans to negotiate a better contract with the sportswear manufacturer so that the cost of sportswear that is purchased and sold would increase by a maximum of 14 percent in year 2 and by 18 percent in year 3.(Do not round intermediate calculations. Round percentage answer to 1 decimal place, i.e.,0.124 should be entered as 12.4.)
Required:
1. Compute the gross profit for year 1.
2. Compute the percentage changes in gross profit for years 2 and 3.

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