The following is the selected information about the Little Dipper Company for the current year and prior year.
Account
Current Prior Net sales revenue $651,000 $595,000
Cost of goods sold $417,720 $425,000
Gross profit $233,280 $170,000
Selling/general expenses $149,040 $93,500
Net income before tax $84,240 $76,500
Income tax $25,920 $22,800
Net income $58,320 $53,700
What is the current year's cost of goods sold percentage (as would be found on a vertical analysis of the income statement for the current year) ?
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