Cost of goods sold for the current year was $170,000. Last year's cost of goods sold was $190,000. The percentage change and direction of change for the current year was:

Question

Quizplus · Accepted Answer

The cost of goods sold decreased by $20,000 ($190,000 - $170,000). The percentage change is calculated as ($20,000 / $190,000) * 100 = 10.5%. Since the cost of goods sold decreased, the percentage change is a decrease.

Cost of Goods Sold for the Current Year Was $170,000