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Bramble Ltd. has provided you with the following selected information from 2020 and 2021: ...

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Accounting

Bramble Ltd. has provided you with the following selected information from 2020 and 2021:

2021

2020

Sales

$789000

$740000

Sales returns and allowances

55100

54500

Cost of goods sold

355000

309000

Operating expenses

287000

260000

Profit

91900

116500

Using a vertical trend analysis with net sales as a base, which of the following most accurately depicts the information stated above?

Profit as a percentage of net sales did not change significantly from 2020.

Cost of goods sold as a percentage of net sales remained consistent from 2020.

Cost of goods sold as a percentage of net sales decreased by 3 percentage points.

Profit as a percentage of net sales decreased by 4.5 percentage points.

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