Wolfe, Inc., had net sales of $212,000 and cost of goods sold of S128,000 in 201

Question

Wolfe, Inc., had net sales of $212,000 and cost of goods sold of S128,000 in 2014, net sales of $263,000 and cost of goods sold of $161,000 in 2015, and net sales of $325,000 and cost of goods sold of $200,000 in 2016. Round answers to the nearest tenth of a percent. 1. Find the percentage of increase in net sales from 2014 to 2015 and from 2015 to 2016 2. Find the percentage of increase in gross profit from 2014 to 2015 and from 2015 to 2016. Compute the percentage of increase in net sales and gross profit from 2014 to 2015 and from 2015 to 2016 Begin by selecting the formula to calculate the percentage of increase and then compute the percentage of increase for net sales and gross profit (GP). (Round the percentages to the nearest tenth of a percent, X.X%) ( Year 2 amount - Year 1 amount ) , Year 1 amount × 100 - Percentage change Net sales 2014-2015 ( 100 =

Explanation / Answer

Net sales 2014-15 (263000-212000)/212000*100= 24.1% Net sales 2015-16 (325000-263000)/263000*100= 23.6% 2 Gross profit 2014 = 212000-128000= 84000 Gross profit 2015 = 263000-161000= 102000 Gross profit 2014 = 325000-200000= 125000 Gross Profit 2014-15 (102000-84000)/84000*100 21.4% Gross Profit 2015-16 (125000-102000)/102000*100 22.5%

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