Income Statement Percentages Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of March at a total cost of $612,500 Each coffee maker sold at a price of $100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of $45,000. Administrative expense totaled $47,500 Required: Prepare an income statement for Morning Smiles for the month of March and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.) Morning Smiles Coffee Company Income Statement For the Month of March Percent Sales revenue Cost of goods sold Gross margin Less Selling expense: Variable commissions Fixed selling expense Administrative expense Operating income Feedback Check My Work Review the "How to Calculate the Percentage of Sales Revenue for Each Line on the Income Statement" example in your text. Previous Next