Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be: Pierce Corporation has thefollowing gross profits for 2018and 2019: Sales = 2019 -P810,000; 2018 - P792,000.Cost of sales = 2019 -480,000; 2018 - 464,000.Gross profit = 2019 -P330,000; 2018 - P328,00O.Sales price was 10% lowerduring 2019. The percent ofincrease (decrease) in costprice must be:8.97%(8.97%)9.85%O (9.85%)

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The percent of increase (decrease) in cost price must be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be:

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