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McCormick, Corp

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S15-1 Horizontal analysis [5–10 min]
McCormick, Corp., reported the following on its comparative income statement:

2012 2011 2010
Revenues 9,575 9,300 8,975
Cost of sales 6,000 5,975 5,900
Gross profit 3,575 3,325 3,075

Requirement
1. Prepare a horizontal analysis of revenues and gross profit—both in dollar amounts
and in percentages—for 2012 and 2011.

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