Question

In analyzing the income statement of Bob Company, cost of goods sold decreased from 2013 to 2014 by 8.2%. The cost of goods sold was $19,000 in 2014. What was the cost of goods sold to nearest dollar in 2013?

Answer 1

The cost of goods sold was $19,000 in 2014 and it decreased by 8.2% from 2013.
100% - 8.2% = 91.8%
x ----------------- 100%
19,000 ---------- 91.8%
------------------------------
x : 19,000 = 100 : 91.8
91.8 x = 1,900,000
x = 1,900,000 : 91.8
x = 20,697.16 ≈ $20,697
Answer: The cost of goods sold was $20,697 in 2013.