Oakley Corporation Has the Following Comparative Income Statements A)The Common-Size Sales Percent for 2011 Equals 100%
B)The Common-Size

Multiple Choice

Oakley Corporation has the following comparative income statements.Which of the following statements is false with regard to this comparative data?
Oakley Corporation
Comparative Income Statements
For years ended December 31,2011 and 2010
$\begin{array}{|l|r|r|}\hline \text { Sales } & 2011 & {2010} \\\hline \text { Cost of goods sold } & \$ 360,000 & \$ 267,500 \\\hline \text { Gross profit } & 237,600 & 140,170 \\\hline \text { Operating expenses } & 122,400 & 127,330 \\\hline \text { Net income } & \underline{75,600} & \underline{51,895} \\\hline\end{array}$

A) The common-size sales percent for 2011 equals 100%
B) The common-size net income percent for 2010 equals 28.2%
C) The common-size gross profit percent for 2011 equals (3.87) %
D) The common-size cost of goods sold for 2010 equals 52.4%
E) Statements B and D are false