The following items were taken from the financial statements of McGonigal Inc. over a four-year period: InstructionsUsing horizontal analysis and 2013 as the base year, calculate the horizontal percentages of a base period for net sales, cost of goods sold, and gross profit. Explain whether the trends are favourable or unfavourable for each item.

Question

The following items were taken from the financial statements of McGonigal Inc. over a four-year period:  InstructionsUsing horizontal analysis and 2013 as the base year, calculate the horizontal percentages of a base period for net sales, cost of goods sold, and gross profit. Explain whether the trends are favourable or unfavourable for each item.

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The Answer of The following items were taken from the financial statements of McGonigal Inc. over a four-year period:  InstructionsUsing horizontal analysis and 2013 as the base year, calculate the horizontal percentages of a base period for net sales, cost of goods sold, and gross profit. Explain whether the trends are favourable or unfavourable for each item.

The Following Items Were Taken from the Financial Statements of McGonigal