Homework Answers
Solution 1:
Gross margin = Sales - Cost of goods sold
= (1000*$90) - [(1000*$9) + (1000*$3) + (1000*$6) + $9,000]
= $63,000
Hence 2nd option is correct.
Solution 2:
Period costs = Selling and administrative expenses = (1000*$4) + $22,000 = $26,000
Hence 3rd option is correct.
Solution 3:
Net Income = Gross profit - Period costs = $63,000 - $26,000 = $37,000
Hence first option is correct.
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