The income statement for Calvin's Martial Arts Company for the first quarter of the year is shown below:
Calvin's Martial Arts Company | ||||
Income Statement | ||||
For Quarter Ended March 31 | ||||
Sales | $ | 900,000 | ||
Cost of goods sold | 635,000 | |||
Gross margin | 265,000 | |||
Selling and administrative expenses | ||||
Selling | $ | 101,000 | ||
Administration | 106,000 | 207,000 | ||
Net operating income | $ | 58,000 | ||
On average, a Martial Arts Membership sells for $60. Variable selling expenses are $5 per membership with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed.
The contribution margin for the Martial Arts Company for the first quarter is:
Multiple Choice
$737,000
$163,000
$798,000
$190,000
The income statement for Calvin's Martial Arts Company for the first quarter of the year is...
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