beginning inventory 20,000 payroll expense 7000 sales 80000 loss on sale of van . 10000 cost...
beginning inventory 20,000
payroll expense 7000
sales 80000
loss on sale of van . 10000
cost of goods sold 48000
operating income is
Homework Answers
| Particulars | Amount |
|---|---|
| Sales | 80000 |
| Less: Cost of goods sold | (48000) |
| Less: payroll expense | (7000) |
| Operating income | 25000 |
Operating income = Sales revenue- cost of sales - operating expense
Here opening inventory is already included in cost of goods sold ( since cost of goods sold = Opening inventory+ purchases- closing inventory) hence not considered
Loss on sale of van is not an operating expense hence not considered
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beginning inventory 20,000
payroll expense 7000
sales 80000
loss on sale of van . 10000
cost...
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$ 300,000 $ 20,000 $ 200,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ $ $ $ $ 12,000 15,000 ? 60,000 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6....
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