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 | $ | 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 with the remainder being fixed.
The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
Multiple Choice
-
Y = $78,000 + $7X
-
Y = $102,000 + $5X
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Y = $78,000 + $9X
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Y = $102,000 + $7X
Homework Answers
The correct answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
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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:...
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:...
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:...
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:...
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:...
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 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 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 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...
114 points) A traditional income statement for Sam's Bookstore, a retailer of textbooks, for April is...
114 points) A traditional income statement for Sam's Bookstore, a retailer of textbooks, for April is presented below. $900,000 630,000 270,000 Sales Cost of Goods Sold Gross Profit Less Operating Expenses Selling Administration Operating Income 100,000 104,000 204,000 $66,000 Books sell for $50.00 each. Variable selling expenses are $5.00 per book with the remaining selling expenses being fixed. Administrative expenses are 20% fixed. Prepare a contribution margin income statement in good form for the month of April.
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 Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $880,000 540,000 340,000 $115,000 134,000 249,000 $ 91,000 On average, a book sells for $55. Variable selling expenses are $6 per book with the remaining selling expenses being fixe The cost formula for selling and administrative expenses with "X"...
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 Cost of goods sold Gross margin Selling and administrative expenses $1,000,000 665,000 335,000 Selling Administration $107,000 118,000 225,000 Net operating income $ 110,000 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 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 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 $ 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 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 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: 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...
114 points) A traditional income statement for Sam's Bookstore, a retailer of textbooks, for April is presented below. $900,000 630,000 270,000 Sales Cost of Goods Sold Gross Profit Less Operating Expenses Selling Administration Operating Income 100,000 104,000 204,000 $66,000 Books sell for $50.00 each. Variable selling expenses are $5.00 per book with the remaining selling expenses being fixed. Administrative expenses are 20% fixed. Prepare a contribution margin income statement in good form for the month of April.
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 $880,000 540,000 340,000 $115,000 134,000 249,000 $ 91,000 On average, a book sells for $55. Variable selling expenses are $6 per book with the remaining selling expenses being fixe The cost formula for selling and administrative expenses with "X"...
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 $1,000,000 665,000 335,000 Selling Administration $107,000 118,000 225,000 Net operating income $ 110,000 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 3% of sales with the...
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