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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>

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