An income statement for Bob's Bookstore for the first quarter of the year is presented below:
Bob's Bookstore | ||||
Income Statement | ||||
For Quarter Ended March 31 | ||||
Sales | $ | 950,000 | ||
Cost of goods sold | 660,000 | |||
Gross margin | 290,000 | |||
Selling and administrative expenses | ||||
Selling | $ | 106,000 | ||
Administration | 116,000 | 222,000 | ||
Net operating income | $ | 68,000 | ||
On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 5% of sales with the remainder being fixed.
The net operating income using the contribution approach for the first quarter is:
An income statement for Bob's Bookstore for the first quarter of the year is presented below:...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement Por Quarter Ended March 31 Sales $950,000 Cost of goods sold 660,000 Gross margin 290,000 Selling and administrative expenses Selling $ 106,000 Administration 116,000 222,000 Net operating income $ 68,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 5% of sales with...
An income statement for Bob's Bookstore for the first quarter of the year is presented below: Bob's Bookstore Income Statement For Quarter Ended March 31 Sales $ 880,000 Cost of goods sold 550,000 Gross margin 330,000 Selling and administrative expenses Selling $ 117,000 Administration 138,000 255,000 Net operating income $ 75,000 On average, a book sells for $55. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales...
An income statement for Bob's Bookstore for the first quarter of the year is presented below: Bob's Bookstore Income Statement For Quarter Ended March 31 Sales $ 880,000 Cost of goods sold 550,000 Gross margin 330,000 Selling and administrative expenses Selling $ 117,000 Administration 138,000 255,000 Net operating income $ 75,000 On average, a book sells for $55. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $900,000 635,000 265,000 $101,000 106,000 207,000 $ 58,000 On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 880,000 Cost of goods sold 550,000 Gross margin 330,000 Selling and administrative expenses Selling $117,000 Administration 138,000 255,000 Net operating income $ 75,000 On average, a book sells for $55. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $900,000 630,000 270,000 $100,000 104,000 204,000 $ 66,000 On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 980,000 Cost of goods sold 680,000 Gross margin 300,000 Selling and administrative expenses Selling $ 110,000 Administration 124,000 234,000 Net operating income $ 66,000 On average, a book sells for $70. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $910, 000 Cost of goods sold Gross margin Selling and administrative expenses 645, 000 265,000 Selling $103,000 Administration 110,000 213,000 Net operating income $ 52,000 On average, a book sells for $65. Variable selling expenses are $6 per book with the remaining selling expenses being fixed. The variable administrative expenses are 5% of sales...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 910,000 Cost of goods sold 530,000 Gross margin 380,000 Selling and administrative expenses Selling $ 113,000 Administration 130,000 243,000 Net operating income $ 137,000 On average, a book sells for $70. Variable selling expenses are $5 per...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 900,000 Cost of goods sold 630,000 Gross margin 270,000 Selling and administrative expenses Selling $ 100,000 Administration 104,000 204,000 Net operating income $ 66,000 On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales...