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

calculate the percent change in overhead from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 115 125 cogs 30 31 gross profit 85 94 overhead 32 41 net income 53 53 percent change = ?% enter your answer as a percent rounded to the nearest tenth.

calculate the percent change in overhead from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 115 125 cogs 30 31 gross profit 85 94 overhead 32 41 net income 53 53 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 overhead values

Old overhead (Q1) = 32 (in thousands), New overhead (Q2) = 41 (in thousands)

Step3: Substitute values into formula

Percent change = $\frac{41 - 32}{32}\times100%=\frac{9}{32}\times100%$

Step4: Calculate the result

$\frac{9}{32}\times100%= 0.28125\times100% = 28.125%$

Step5: Round to nearest tenth

Rounding 28.125% to the nearest tenth gives 28.1%

Answer:

28.1%