Assume the Following Cost of Goods Sold Data for a Company

question 192

Multiple Choice

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?

• A)140%
• B)40%
• C)20%
• D)17%

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Definitions:

Labor

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