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9. Muscat company, reported the following results for January: Number of units 10,000 Selling price Total Variable selling expense Total Variable administrative expense $10,000 Total fixed selling expense Total fixed administrative expense Merchandise Beginning $10 $7,000 $20,000 $8,000 $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company's net profit will be? A. $10,000 B. $15,000 C. $55,000 D. $18,000

9. Muscat company, reported the following results for January: Number of units 10,000 Selling price Total Variable selling expense Total Variable administrative expense $10,000 Total fixed selling expense Total fixed administrative expense Merchandise Beginning $10 $7,000 $20,000 $8,000 $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company's net profit will be? A. $10,000 B. $15,000 C. $55,000 D. $18,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Muscat company, reported the following results for January: Number of units 10,000 Selling price $10 Total Variable selling expense $7,000 Total Variable administrative expense $10,000 Total fixed selling expense $20,000 Total fixed administrative expense $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company’s net profit will be?
9. Muscat company, reported the following results for January: Number of units 10,000 Selling price Total Variable selling expense Total Variable administrative expense $10,000 Total fixed selling expense Total fixed administrative expense $10 $7,000 S20,000 $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending S10,000 Based on traditional income statement Muscat company's net profit will be? A. $10,000 B. $15,000 C. $55,000 D. $18,000
Transcribed Image Text:9. Muscat company, reported the following results for January: Number of units 10,000 Selling price Total Variable selling expense Total Variable administrative expense $10,000 Total fixed selling expense Total fixed administrative expense $10 $7,000 S20,000 $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending S10,000 Based on traditional income statement Muscat company's net profit will be? A. $10,000 B. $15,000 C. $55,000 D. $18,000
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