calculate the percent change in cogs from quarter 1 to quarter 2 from the following income statement…

calculate the percent change in cogs from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 110 170 cogs 18 32 gross profit 92 138 overhead 30 50 net income 62 88 percent change = ?% enter your answer as a percent rounded to the nearest tenth.

calculate the percent change in cogs from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 110 170 cogs 18 32 gross profit 92 138 overhead 30 50 net income 62 88 percent change = ?% enter your answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula

Percent change = $\frac{\text{New value}-\text{Old value}}{\text{Old value}}\times100%$

Step2: Determine old and new COGS

Old COGS (Q1) = 18000, New COGS (Q2) = 32000

Step3: Calculate the difference

$32000 - 18000=14000$

Step4: Calculate the percent change

Percent change = $\frac{14000}{18000}\times100% \approx 77.8%$

Answer:

77.8%