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Blossom Industries developed the following information for the product it sells: Sales price $50 per unit Variable cost of goods sold $28.00 per unit Fixed cost of goods sold Variable selling expense Variable administrative expense Fixed selling expense $662,000 10% of sales price $2.00 per unit $412,000 Fixed administrative expense $312,000 For the year ended December 31, 2022, Blossom produced and sold 112,000 units of product.

Blossom Industries developed the following information for the product it sells: Sales price $50 per unit Variable cost of goods sold $28.00 per unit Fixed cost of goods sold Variable selling expense Variable administrative expense Fixed selling expense $662,000 10% of sales price $2.00 per unit $412,000 Fixed administrative expense $312,000 For the year ended December 31, 2022, Blossom produced and sold 112,000 units of product.

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 Industries developed the following information for the product it sells: Sales price $50 per unit Variable cost of goods sold $28.00 per unit $662,000 Fixed cost of goods sold Variable selling expense 10% of sales price Variable administrative expense $2.00 per unit Fixed selling expense $412,000 Fixed administrative expense $312,000 For the year ended December 31, 2022, Blossom produced and sold 112,000 units of product. (a) Prepare a CVP income statement using the contribution margin format for Blossom Industries for 2022. (List variable expenses before fixed expenses.) BLOSSOMINDUSTRIES Income Statement $
Transcribed Image Text:Blossom Industries developed the following information for the product it sells: Sales price $50 per unit Variable cost of goods sold $28.00 per unit $662,000 Fixed cost of goods sold Variable selling expense 10% of sales price Variable administrative expense $2.00 per unit Fixed selling expense $412,000 Fixed administrative expense $312,000 For the year ended December 31, 2022, Blossom produced and sold 112,000 units of product. (a) Prepare a CVP income statement using the contribution margin format for Blossom Industries for 2022. (List variable expenses before fixed expenses.) BLOSSOMINDUSTRIES Income Statement $
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