Question

Bref Exercise 5- Ivanhoe Inc. had sales of $2,410,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable $940,000 109,000 97,000 Fixed $466,000 72,000 106,000 Prepare a CVP income statement for the quarter ended March 31, 2020. IVANHOE INC. CVP Income Statement For the Quarter Ended March 31, 2020 Click if you would like to Show Work for this question: Open Show Work

Answer 1

Answer :  

IVANHOE INC.
CVP income statement
For the Quarter Ended March 31, 2020
Sales	$        2,410,000
Total Variable expenses	$        1,146,000
Contribution	$        1,264,000
Total Fixed Expenses	$            644,000
Net income	$            620,000
	Variable	Fixed
Cost of Goods sold	$            940,000	$        466,000
Selling expneses	$            109,000	$          72,000
Administartive expenses	$              97,000	$        106,000
Total	$        1,146,000	$        644,000