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Mathematics, 26.05.2021 20:40 callmedarthvadorplz
An income statement for Sam's Bookstore for the first quarter of the year is presented below:
Sam's Bookstore
Income Statement
For Quarter Ended March 31
Sales $ 900,000
Cost of goods sold 640,000
Gross margin 260,000
Selling and administrative expenses
Selling $ 102,000
Administration 108,000 210,000
Net operating income $ 50,000
On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed.
The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
Y = $86,000 + $7.40X
Y = $99,000 + $7.40X
Y = $86,000 + $5.00X
Y = $99,000 + $9.80X
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An income statement for Sam's Bookstore for the first quarter of the year is presented below:
Sam's...
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