a-company-had-net-sales-of-500000-in-2018-and-550000-in-2019-and-cost-of-goods-s

Question

A company had net sales of $500,000 in 2018 and $550,000 in 2019, and cost of goods sold of $300,000 in 2018 and $330,000 in 2019. Calculate the percentage change in gross profit.

Accepted Answer

Gross profit increased by 10%

Answer

Gross profit increased by 5%

Answer

Gross profit increased by 15%

Answer

Gross profit increased by 20%

A company had net sales of \$500,000 in 2018 and \$550,000 in 2019, and cost of goods sold of \$300,000 in 2018 and \$330,000 in 2019. Calculate the percentage change in gross profit.