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What is the net income? Lenox Corporation manufactures and sells crystal vases. The following information results from the sale of 12,000 vases for the year
What is the net income?
Lenox Corporation manufactures and sells crystal vases. The following information results from the sale of 12,000 vases for the year ended December 31, 2019. The vases sell for $300 each. The company has a 25% tax rate. Variable manufacturing costs Glass for vases Wages for assembly worker $ 24,000 180,000 48,000 Etching on vases 18,000 Variable selling costs Sales commissions Fixed manufacturing costs Rent on factory Factory cleaning service Factory depreciation Fixed selling and administrative costs 21,000 50,000 60.000 Lease of equipment 3,000 Support staff salaries 45,000 Executive staff salaries 200,000 What is net income? $3,330,000 $2,951,000 53,688,750 $3,348,000 $2,213,250Step by Step Solution
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