Assume the following cost of goods sold data for a company: $$\begin{array} { l r }
2022 & \$ 1,400,000 \
2021 & 1,200,000 \
2020 & 1,000,000
\end{array}$$ If 2020 is the base year what is the percentage increase in cost of goods sold from 2020 to 2022?

Question

Assume the following cost of goods sold data for a company: $$\begin{array} { l r } 
2022 & \$ 1,400,000 \
2021 & 1,200,000 \
2020 & 1,000,000
\end{array}$$ If 2020 is the base year what is the percentage increase in cost of goods sold from 2020 to 2022?

Quizplus · Accepted Answer

The percentage increase from 2020 to 2022 is calculated as $(1,400,000 - 1,000,000) / 1,000,000 \times 100 = 40\%$.

Assume the Following Cost of Goods Sold Data for a Company