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Manero Company included the following information in its annual report:

2016
2015
2014

Sales
$178,400
$162,500
$155,500

Cost of goods sold
115,000
102,500
100,000

Operating expenses
50,000
50,000
45,000

Net income
13,400
10,000
10,500

Refer to Manero. In a common size income statement for 2016, the operating expenses are expressed as

a.
28.0%.

b.
30.3%.

c.
43.8%.

d.
100.0%.

In a trend income statement where 2014 is the base year, sales for 2014 are expressed as

a.
84.4%.

b.
92.6%.

c.
100.0%.

d.
150.5%.

In a trend income statement where 2014 is the base year, sales for 2016 are expressed as

a.
87.2%.

b.
100.0%.

c.
114.7%.

d.
148.7%.

 
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