Question

Assume the following cost of goods sold data for a company: 2017: $1,700,000 2016: 1,400,000 2015: 1,200,000 2014: 1,000,000 If 2015 is the base year, the percentage increase in cost of goods sold from 2015 to 2017 is closest to Select one: a. 25% b. 71% c. 21% d. 42% e. 29%

Answer 1

d. 42%

Step-by-step explanation:

The percentage increase in cost of goods sold is calculated as:

⇒ Current Year - 1

Base Year

,⇒ 1,700,000 - 1

1,200,000

⇒ 41.66% or 42%.