Sage Hill Corporation had sales of $ 3,000,000 for the year ended December 31, 2022. The unit selling price was $ 12. In making the sales, the company incurred the following costs and expenses.

		Variable		Fixed
Cost of goods sold		$ 837,000		$ 750,000
Selling expenses		124,000		51,000
Administrative expenses		239,000		77,000

Prepare a GAAP income statement.

SAGE HILL CORPORATION GAAP Income Statement choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Quarter Ended December 31, 2022
select an income statement item Cost of Goods SoldOperating ExpensesAdministrative ExpensesFixed CostsNet Income/(Loss)Selling ExpensesTotal Operating ExpensesContribution MarginSalesVariable CostsGross Profit				$ enter a dollar amount
select an income statement item Selling ExpensesNet Income/(Loss)Total Operating ExpensesOperating ExpensesGross ProfitFixed CostsAdministrative ExpensesSalesVariable CostsCost of Goods SoldContribution Margin				enter a dollar amount
select a summarizing line for the first part Cost of Goods SoldContribution MarginFixed CostsNet Income/(Loss)SalesVariable CostsGross ProfitSelling ExpensesTotal Operating ExpensesOperating ExpensesAdministrative Expenses				enter a total amount for the first part
select an opening section name Variable CostsCost of Goods SoldFixed CostsOperating ExpensesSalesGross ProfitTotal Operating ExpensesAdministrative ExpensesSelling ExpensesNet Income/(Loss)Contribution Margin:
select an income statement item Fixed CostsAdministrative ExpensesSalesGross ProfitCost of Goods SoldVariable CostsTotal Operating ExpensesNet Income/(Loss)Contribution MarginOperating ExpensesSelling Expenses		$ enter a dollar amount
select an income statement item Variable CostsNet Income/(Loss)Total Operating ExpensesSalesSelling ExpensesCost of Goods SoldFixed CostsAdministrative ExpensesOperating ExpensesGross ProfitContribution Margin		enter a dollar amount
select a closing section name Contribution MarginSalesAdministrative ExpensesOperating ExpensesSelling ExpensesCost of Goods SoldVariable CostsFixed CostsGross ProfitNet Income/(Loss)Total Operating Expenses				enter a total amount for this section
select a closing name for this statement SalesContribution MarginNet Income/(Loss)Total Operating ExpensesAdministrative ExpensesGross ProfitCost of Goods SoldSelling ExpensesOperating ExpensesVariable CostsFixed Costs				$ enter a total net income or loss amount

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Prepare a CVP income statement. (Round per unit answers to 2 decimal places, e.g. 15.25.)

SAGE HILL CORPORATION CVP Income Statement choose the accounting period December 31, 2022For the Quarter Ended December 31, 2022For the Year Ended December 31, 2022
		Total			Per Unit		Percent of Sales
select an income statement item Administrative ExpensesFixed CostsSelling ExpensesGross ProfitCost of Goods SoldSalesContribution MarginTotal Variable CostsNet Income/(Loss)Variable CostsTotal Fixed Costs			$ enter a dollar amount		$ enter a dollar amount rounded to 2 decimal places		enter percentages %
select an opening name for section one Total Fixed CostsVariable CostsFixed CostsNet Income/(Loss)Selling ExpensesCost of Goods SoldContribution MarginTotal Variable CostsSalesAdministrative ExpensesGross Profit:
select an income statement item Total Fixed CostsContribution MarginAdministrative ExpensesTotal Variable CostsGross ProfitSelling ExpensesVariable CostsNet Income/(Loss)Fixed CostsSalesCost of Goods Sold		$ enter a dollar amount
select an income statement item Total Fixed CostsCost of Goods SoldAdministrative ExpensesNet Income/(Loss)Variable CostsTotal Variable CostsFixed CostsContribution MarginSelling ExpensesGross ProfitSales		enter a dollar amount
select an income statement item SalesCost of Goods SoldNet Income/(Loss)Total Variable CostsTotal Fixed CostsFixed CostsGross ProfitSelling ExpensesContribution MarginVariable CostsAdministrative Expenses		enter a dollar amount
select a closing name for section one Cost of Goods SoldAdministrative ExpensesVariable CostsGross ProfitTotal Fixed CostsTotal Variable CostsSelling ExpensesNet Income/(Loss)Contribution MarginSalesFixed Costs			enter a total amount for section one		enter a dollar amount rounded to 2 decimal places		enter percentages %
select a summarizing line for the first part Contribution MarginSelling ExpensesNet Income/(Loss)Total Fixed CostsGross ProfitCost of Goods SoldAdministrative ExpensesFixed CostsTotal Variable CostsSalesVariable Costs			enter a total amount for the first part		$ enter a total amount per unit rounded to 2 decimal places		enter percentages for the first part %
select an opening name for section two Total Variable CostsNet Income/(Loss)SalesCost of Goods SoldAdministrative ExpensesSelling ExpensesVariable CostsTotal Fixed CostsGross ProfitFixed CostsContribution Margin:
select an income statement item Net Income/(Loss)Cost of Goods SoldGross ProfitVariable CostsTotal Fixed CostsSelling ExpensesAdministrative ExpensesTotal Variable CostsContribution MarginSalesFixed Costs		enter a dollar amount
select an income statement item Fixed CostsAdministrative ExpensesSelling ExpensesVariable CostsGross ProfitTotal Fixed CostsNet Income/(Loss)Contribution MarginCost of Goods SoldSalesTotal Variable Costs		enter a dollar amount
select an income statement item Variable CostsCost of Goods SoldFixed CostsSalesContribution MarginSelling ExpensesGross ProfitNet Income/(Loss)Administrative ExpensesTotal Variable CostsTotal Fixed Costs		enter a dollar amount
select a closing name for section two Cost of Goods SoldTotal Fixed CostsTotal Variable CostsContribution MarginVariable CostsSalesAdministrative ExpensesSelling ExpensesNet Income/(Loss)Fixed CostsGross Profit			enter a total amount for section two
select a closing name for this statement Selling ExpensesContribution MarginFixed CostsAdministrative ExpensesVariable CostsTotal Variable CostsTotal Fixed CostsCost of Goods SoldGross ProfitNet Income/(Loss)Sales			$ enter a total net income or loss amount