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:\n\nq1 (x1000) q2 (x1000)\nnet sales 110 170\ncogs 18 32\ngross profit 92 138\noverhead 30 50\nnet income 62 88\n\npercent change = ?%\n\nenter 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:\n\nq1 (x1000) q2 (x1000)\nnet sales 110 170\ncogs 18 32\ngross profit 92 138\noverhead 30 50\nnet income 62 88\n\npercent change = ?%\n\nenter your answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify initial and final values

Initial COGS (Q1) = 18000, Final COGS (Q2) = 32000

Step2: Use percent - change formula

Percent Change=$\frac{\text{Final Value}-\text{Initial Value}}{\text{Initial Value}}\times100%$=$\frac{32000 - 18000}{18000}\times100%$

Step3: Calculate the numerator

$32000-18000 = 14000$

Step4: Calculate the fraction

$\frac{14000}{18000}\times100%=\frac{1400000}{18000}%$

Step5: Simplify and round

$\frac{1400000}{18000}% \approx 77.8%$

Answer:

77.8%