1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Katena32 [7]
3 years ago
11

Russell Inc. had sales of $2,210,000for the first quarter of 2017. In making the sales, the company incurred the following costs

and expenses.
Variable Fixed
Cost of goods sold $921,000 $441,000
Selling expenses 71,000 46,000
Administrative expenses 87,000 99,000
Prepare a CVP income statement for the quarter ended March 31, 2017.
Business
1 answer:
Fed [463]3 years ago
8 0

Answer:

A Cost-Volume-Profit statement is used to show just how the different costs incurred contribute to the expenses. It divides the costs into variable and fixed costs for better analysis.

Sales                                                                               $2,210,000

Variable Costs:

Cost of Goods sold                                   $921,000

Selling expenses                                       $ 71,000

Admin expenses                                     <u>  $87,000</u>

Total variable costs                                                   <u>     ($1,079,000)</u>

Contribution margin                                                      $1,131,000

Fixed costs:

Cost of goods                                          $441,000

Selling expenses                                     $ 46,000

Admin expenses                                   <u>  $ 99,000</u>

Total fixed costs                                                        <u>   ($586,000)</u>

Net operating income                                    <u>              $545,000</u>

You might be interested in
You are delivering a presentation and the subject matter concerns whether a company should report convertible debt simply as a l
konstantin123 [22]

Before introducing yourself, it is imperative that you fully inform yourself about the two cases to be discussed, and what the effects of each have on the organization. It is also important to make a hypothetical situation of each case and to observe probable causes and effects that will assist in creating the probable scenario and in decision making.

8 0
3 years ago
Why is entrepreneurship important to the community and economy? ​
SashulF [63]

Answer:

Explanation:

New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.

6 0
3 years ago
If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest
WARRIOR [948]

Answer:

The answer is <u>$3 500 000</u>

Explanation:

The above transactions affect  the Consumption component in GDP.

Citrus Grower's contribution to GDP = $3 million + $500,000= <u>$3 500 000</u>

$1 million worth of oranges grown was not included because the amount was the estimated value of oranges and not actual value of oranges consumed.

3 0
3 years ago
Explain why it might be more advantageous to borrow money from a credit union than to use other sources of credit.
german

Answer:

Explanation:

Credit unions offer higher savings rates and lower interest rates on loans. This means that their members are better served and might be able to save a significant amount on car loans, student loans, and mortgages.

5 0
3 years ago
One advantage of the lifo method is that
tatyana61 [14]
The answer to the question is c 
8 0
3 years ago
Read 2 more answers
Other questions:
  • Line workers at a Virginia steel mill developed a new process that made the line safer. It went through only one level of manage
    13·1 answer
  • If demand for farmer​ john's maple syrup is​ inelastic, then when farmer john raises the price of maple​ syrup, his total revenu
    8·1 answer
  • When Bread and Butter Bakers got the newest batch of flour, they noticed a price increase of $1.00 per pound of flour (double th
    15·1 answer
  • Additional fees that are paid when finalizing a home purchase are also known as _____.
    10·2 answers
  • The marketing manager for an automobile manufacturer is interested in determining the proportion of new compact-car owners who w
    5·1 answer
  • A statement of cash flows ...
    7·1 answer
  • Which of the following is ethics most closely related to?
    13·1 answer
  • A unit of ownership in a corporation is a
    7·1 answer
  • Tax return 12-59 assignment
    10·1 answer
  • The _____ established a minimum wage and overtime pay for employees working more than 40 hours a week.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!