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Stuart Manufacturing produces metal picture frames. The company's income statements for the last two years...

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Accounting

Stuart Manufacturing produces metal picture frames. The company's income statements for the last two years are presented below:

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Last year This year Units sold 50, 000 70, 000 Sales $800 , 000 $1, 120 , 000 Less: Cost of goods sold 550,000 710, 000 Gross margin 250,000 410, 000 Less: Operating expenses 150,000 190, 000 Net income $100 , 000 $220, 000

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