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PROBLEM ONE (30 pts.) Given on page 13 is the income statement for Apple Industries...

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Accounting

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PROBLEM ONE (30 pts.) Given on page 13 is the income statement for Apple Industries for the FYE (fiscal year ended) 12/31/89, 12/31/90, and 12/31/91. Apple Industries is a manufacturer of specialty computer chips for the Micro and Mini Computer industry. During the last several years, the firm has been replacing much of its labor intensive factory with robotic technology. For the problem, the following is required: 1. "Common Size" the financial Information of the three years placing the correct percentage amount into the proper box. 2. Answer the related questions below. Please expound on each question where indicated. QUESTIONS: 1. What is the percentage increase in Net Sales between 1989-1990 and 1990-1991? 1989-1990 1990-1991 2. What trend do you see in the cost of Goods Sold account? (Expound) 3. What possible explanation do you advance for this trend? (Expound)

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