Assume the Following Cost of Goods Sold Data for a Company

question 115

Multiple Choice

Assume the following cost of goods sold data for a company: $$\begin{array} { r r } 2012 & \$ 1,500,000 \\2011 & 1,200,000 \\2010 & 1,000,000\end{array}$$ If 2010 is the base year, what is the percentage increase in cost of goods sold from 2010 to 2012?

• A)150%
• B)50%
• C)67%
• D)33%

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Definitions:

Average Income

The mean income of a group, calculated by dividing the total income of the group by the number of individuals or entities in that group.

Total Revenue

The total income a business receives from selling its goods or services, calculated by multiplying the price per unit by the number of units sold.

Demand Curve

A graphical representation showing the relationship between the quantity of a good that consumers are willing and able to purchase and its price.

Equation

A mathematical statement that asserts the equality of two expressions, typically involving variables and constants.