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Blossom Company has sales of $1,664,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs. Selling expenses Administrative expenses Net Income Variable $ $523,000 123,000 103,000 Calculate the company's net income under CVP for 2022. Fixed $573,000 98,000 90,000

Blossom Company has sales of $1,664,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs. Selling expenses Administrative expenses Net Income Variable $ $523,000 123,000 103,000 Calculate the company's net income under CVP for 2022. Fixed $573,000 98,000 90,000

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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Blossom Company has sales of $1,664,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs Selling expenses Administrative expenses Variable Net Income $ $523,000 123,000 103,000 Fixed $573,000 98,000 90,000 Calculate the company's net income under CVP for 2022.
Transcribed Image Text:Blossom Company has sales of $1,664,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs Selling expenses Administrative expenses Variable Net Income $ $523,000 123,000 103,000 Fixed $573,000 98,000 90,000 Calculate the company's net income under CVP for 2022.
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