from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales…

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 = ?%

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 = ?%

Answer

Explanation:

Step1: Identify the formula for percent - change

Percent Change=$\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$

Step2: Determine old and new values

The old value (gross profit in Q1) is 85 (in thousands), and the new value (gross profit in Q2) is 94 (in thousands).

Step3: Substitute values into the formula

Percent Change=$\frac{94 - 85}{85}\times100%=\frac{9}{85}\times100%$

Step4: Calculate the result

$\frac{9}{85}\times100% \approx 10.59%$

Answer:

$10.59$