Question
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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