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 120 152 cogs 22 34 gross profit 87 121 overhead 34 48 net income 57 65 percent change = ?%

calculate the percent change in cogs from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 120 152 cogs 22 34 gross profit 87 121 overhead 34 48 net income 57 65 percent change = ?%

Answer

Explanation:

Step1: Identify COGS values

COGS in Q1 = 22000, COGS in Q2 = 34000

Step2: Use percent - change formula

Percent change = $\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$ Percent change = $\frac{34000 - 22000}{22000}\times100%$ Percent change = $\frac{12000}{22000}\times100%$ Percent change $\approx 54.55%$

Answer:

54.55%