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Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company reported the following operating results for 20X1, in which there were no inventories
Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company reported the following operating results for 20X1, in which there were no inventories of dinners at the beginning and end of the year BHARAT CURRY FOODS Income Statement For the Year Ended December 31, 20X1 Sales Cost of goods sold $1,860,000 1,074,000 Gross margin Selling and administrative expenses 786,000 501,000 Operating income $ 285,000 BCF sells two types of curry foods-chicken and lamb-and operates in Ontario and western Canada Information on sales and costs is as follows Chicken Regional sales percentage of national sales Ontario Western Canada 40% 30 20% 10 60% 40 70% 100% Total Costs as percentage of regional sales Fixed costs by product 30% Variable production costs Variable selling expenses 43% 13% 43% 13% $ 60,000 Traceable fixed expenses Common fixed costs $60,000 Remainder of total costs $120,000 The following information is for lamb products onl Ontario Western Canada Costs as percentage of regional lamb sales Variable production costs Variable selling expenses 48% 12% 33.00% 15% Fixed costs by region: Traceable fixed expenses $ 24,000 $ 36,000 $ 60,000 1. Prepare, in good form, an income statement segmented by product line, showing the corresponding company totals. Use Exhibit 12-3 as a guide. (Round "Percentage" answers to 2 decimal places, (i.e., 0.1234 should be considered as 12.34%). Round your answers to nearest dollar amount.)
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