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Reil [10]
3 years ago
7

Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following cost

s and expenses.
Variable Fixed
Cost of goods sold $936,000 $473,000
Selling expenses 119,000 71,000
Administrative expenses 116,000 120,000
Prepare a CVP income statement for the quarter ended March 31, 2020
BLOSSOM INC.
CVP Income Statement
For the Quarter Ended March 31, 2020
Business
1 answer:
n200080 [17]3 years ago
6 0

Answer:

          CVP Income Statement

Sales revenue                   2,300,000

Less: Total variable cost   <u>1,171,000</u>

Contribution margin           1,129,000

Less: Fixed cost                 <u>664,000</u>

Net Operating income     <u>$465,000</u>

Note:

Cost of goods sold    936,000  

Selling expenses       119,000

Admin expense         <u>116,000</u>

Total variable cost    <u>1,171,000</u>

Cost of goods sold       473,000

Selling expenses         71,000

Admin expense           <u>120,000</u>

Total Fixed cost           <u>664,000</u>

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