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Sandhill Inc. had sales of $2,340,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable

Sandhill Inc. had sales of $2,340,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses.

Variable

Fixed

Cost of goods sold $935,000 $461,000
Selling expenses 74,000 79,000
Administrative expenses 131,000 119,000

Prepare a CVP income statement for the quarter ended March 31, 2020.

SANDHILL INC. CVP Income Statement

select an income statement item Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs

$enter a dollar amount

select an income statement item Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs

enter a dollar amount

select a summarizing line for the first part Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs

enter a total amount for the first part

select an income statement item Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs

enter a dollar amount

select a closing name for this statement Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs

$enter a total net income or loss amount

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