Windsor Corporation had sales of $ 3,190,000 for the year ended December 31, 2022. The unit selling price was $ 11. In making the sales, the company incurred the following costs and expenses.

		Variable		Fixed
Cost of goods sold		$ 751,500		$ 795,000
Selling expenses		126,000		54,000
Administrative expenses		239,000		79,000

(a)

• Your Answer
• Correct Answer (Used)

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Your answer is partially correct.

Prepare a GAAP income statement.

WINDSOR CORPORATION GAAP Income Statement choose the accounting period December 31, 2022For the Quarter Ended December 31, 2022For the Year Ended December 31, 2022
select an income statement item Selling ExpensesContribution MarginFixed CostsVariable CostsOperating ExpensesGross ProfitCost of Goods SoldAdministrative ExpensesNet Income/(Loss)SalesTotal Operating Expenses				$ enter a dollar amount
select an income statement item Net Income/(Loss)SalesSelling ExpensesVariable CostsTotal Operating ExpensesOperating ExpensesCost of Goods SoldGross ProfitContribution MarginFixed CostsAdministrative Expenses				enter a dollar amount
select a summarizing line for the first part Net Income/(Loss)Contribution MarginSelling ExpensesSalesAdministrative ExpensesTotal Operating ExpensesOperating ExpensesFixed CostsVariable CostsGross ProfitCost of Goods Sold				enter a total amount for the first part
select an opening section name Net Income/(Loss)Operating ExpensesTotal Operating ExpensesCost of Goods SoldVariable CostsFixed CostsSalesContribution MarginSelling ExpensesAdministrative ExpensesGross Profit:
select an income statement item Administrative ExpensesFixed CostsContribution MarginOperating ExpensesTotal Operating ExpensesNet Income/(Loss)Selling ExpensesVariable CostsCost of Goods SoldGross ProfitSales		$ enter a dollar amount
select an income statement item Total Operating ExpensesCost of Goods SoldAdministrative ExpensesContribution MarginFixed CostsSalesVariable CostsGross ProfitNet Income/(Loss)Selling ExpensesOperating Expenses		enter a dollar amount
select a closing section name Selling ExpensesSalesFixed CostsCost of Goods SoldGross ProfitNet Income/(Loss)Operating ExpensesTotal Operating ExpensesAdministrative ExpensesVariable CostsContribution Margin				enter a total amount for this section
select a closing name for this statement SalesOperating ExpensesGross ProfitSelling ExpensesVariable CostsAdministrative ExpensesNet Income/(Loss)Contribution MarginFixed CostsTotal Operating ExpensesCost of Goods Sold				$ enter a total net income or loss amount

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Solution

Attempts: 2 of 2 used

(b)

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

WINDSOR CORPORATION CVP Income Statement choose the accounting period For the Quarter Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022
		Total			Per Unit		Percent of Sales
select an income statement item Net Income/(Loss)Administrative ExpensesGross ProfitTotal Variable CostsVariable CostsTotal Fixed CostsSalesSelling ExpensesFixed CostsContribution MarginCost of Goods Sold			$ enter a dollar amount		$ enter a dollar amount rounded to 2 decimal places		enter percentages %
select an opening name for section one Variable CostsSalesContribution MarginAdministrative ExpensesSelling ExpensesGross ProfitCost of Goods SoldTotal Variable CostsFixed CostsNet Income/(Loss)Total Fixed Costs:
select an income statement item Selling ExpensesAdministrative ExpensesGross ProfitTotal Fixed CostsCost of Goods SoldSalesFixed CostsTotal Variable CostsVariable CostsNet Income/(Loss)Contribution Margin		$ enter a dollar amount
select an income statement item Contribution MarginCost of Goods SoldTotal Fixed CostsVariable CostsGross ProfitTotal Variable CostsSelling ExpensesFixed CostsNet Income/(Loss)SalesAdministrative Expenses		enter a dollar amount
select an income statement item Total Variable CostsGross ProfitSelling ExpensesContribution MarginFixed CostsNet Income/(Loss)SalesVariable CostsAdministrative ExpensesCost of Goods SoldTotal Fixed Costs		enter a dollar amount
select a closing name for section one Gross ProfitContribution MarginTotal Variable CostsNet Income/(Loss)SalesCost of Goods SoldSelling ExpensesFixed CostsTotal Fixed CostsVariable CostsAdministrative Expenses			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 MarginNet Income/(Loss)Fixed CostsSalesSelling ExpensesAdministrative ExpensesVariable CostsCost of Goods SoldTotal Variable CostsTotal Fixed CostsGross Profit			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 Gross ProfitNet Income/(Loss)SalesSelling ExpensesVariable CostsContribution MarginTotal Fixed CostsAdministrative ExpensesCost of Goods SoldTotal Variable CostsFixed Costs:
select an income statement item Contribution MarginSelling ExpensesCost of Goods SoldFixed CostsSalesVariable CostsNet Income/(Loss)Administrative ExpensesTotal Variable CostsTotal Fixed CostsGross Profit		enter a dollar amount
select an income statement item Variable CostsCost of Goods SoldSalesGross ProfitTotal Variable CostsAdministrative ExpensesNet Income/(Loss)Selling ExpensesFixed CostsContribution MarginTotal Fixed Costs		enter a dollar amount
select an income statement item Selling ExpensesAdministrative ExpensesGross ProfitFixed CostsCost of Goods SoldSalesTotal Fixed CostsNet Income/(Loss)Variable CostsTotal Variable CostsContribution Margin		enter a dollar amount
select a closing name for section two Administrative ExpensesCost of Goods SoldContribution MarginVariable CostsGross ProfitFixed CostsTotal Fixed CostsSalesSelling ExpensesNet Income/(Loss)Total Variable Costs			enter a total amount for section two
select a closing name for this statement Gross ProfitSalesTotal Fixed CostsCost of Goods SoldNet Income/(Loss)Administrative ExpensesSelling ExpensesFixed CostsVariable CostsTotal Variable CostsContribution Margin			$ enter a total net income or loss amount