In analyzing the income statement of Bob Company, cost of goods sold decreased by 8.2% from 2016 to 2017. If the cost of goods sold was $19,000 in 2016, what was it in 2017? (Rounded to the nearest cent.)
A)$17,442
B)$1,558
C)$20,697.17
D)$20,796.71
E)None of these

Question

Quizplus · Accepted Answer

The cost of goods sold in 2017 is calculated by reducing the 2016 cost by 8.2%. So, $19,000 - ($19,000 * 0.082) = $19,000 - $1,558 = $17,442.

In Analyzing the Income Statement of Bob Company, Cost of Goods