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

calculate the percent change in gross profit from quarter 1 to quarter 2 from the following income statement information:\n\n| | q1 (x1000) | q2 (x1000) |\n|--|--|--|\n| net sales | 115 | 175 |\n| cogs | 33 | 35 |\n| gross profit | 82 | 140 |\n| overhead | 32 | 51 |\n| net income | 50 | 89 |\n\npercent change = ?%\n\nenter your answer as a percent rounded to the nearest tenth.

calculate the percent change in gross profit from quarter 1 to quarter 2 from the following income statement information:\n\n| | q1 (x1000) | q2 (x1000) |\n|--|--|--|\n| net sales | 115 | 175 |\n| cogs | 33 | 35 |\n| gross profit | 82 | 140 |\n| overhead | 32 | 51 |\n| net income | 50 | 89 |\n\npercent change = ?%\n\nenter your answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Calculate the change in gross profit

$140 - 82 = 58$

Step2: Apply percent change formula

$\frac{58}{82} \times 100% \approx 70.7%$

Answer:

70.7%