Kingbird corporation had a sles of $3,000,000 for the year ended December 31,2022. The unit selling price was $15. In making the sales, the company incurred these costs and expenses.

Variable Fixed

cost of goods sold $560,000 $750,000

Selling expenses 110,000 50,000

administrative expenses 230,000 70,000

Kingbird corporation

GAAP Income statement

For the year ended december 31,2022

Sales $3,000,000

Cost of goods sold $1310000

gross profit $ 1690000

Operating expenses:

Selling expenses: $160000

Administrtative expenses $300000

Total operating expenses $460000

Net income/loss $1230000