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

calculate the percent change in net sales from quarter 1 to quarter 2 from the following income statement information:\nq1 (x1000) q2 (x1000)\nnet sales 115 175\ncogs 33 35\ngross profit 82 140\noverhead 32 51\nnet income 50 89\npercent change = ?%\nenter your answer as a percent rounded to the nearest tenth.

calculate the percent change in net sales from quarter 1 to quarter 2 from the following income statement information:\nq1 (x1000) q2 (x1000)\nnet sales 115 175\ncogs 33 35\ngross profit 82 140\noverhead 32 51\nnet income 50 89\npercent change = ?%\nenter your answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula

The formula for percent - change is $\text{Percent Change}=\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$.

Step2: Determine old and new values

The old value (net sales in Q1) is $115\times1000 = 115000$, and the new value (net sales in Q2) is $175\times1000=175000$.

Step3: Substitute values into formula

$\text{Percent Change}=\frac{175000 - 115000}{115000}\times100%=\frac{60000}{115000}\times100%$.

Step4: Calculate the result

$\frac{60000}{115000}\times100%\approx0.5217\times100% = 52.2%$.

Answer:

$52.2$