**Cost-Volume-Profit (CVP) Analysis for Blossom Manufacturing Ltd.**Blossom Manufacturing Ltd.'s sales for the year ended December 31, 2022, are $1.00 million. The expenses for 2022 are detailed below:| Expense Type | Variable | Fixed ||-------------------------|----------|---------|| Cost of Goods Sold | $320,000 | $180,000|| Selling Expenses | $56,000 | $26,400 || Administrative Expenses | $27,920 | $36,000 |**Instructions:**Prepare a detailed CVP income statement for the year ended December 31, 2022.**CVP Income Statement Structure:**1. **Sales Revenue:** - Enter the total sales revenue for the year.2. **Variable Expenses:** - Calculate the total variable expenses, which include variable costs for cost of goods sold, selling expenses, and administrative expenses.3. **Contribution Margin:** - Calculate by subtracting total variable expenses from sales revenue.4. **Fixed Expenses:** - Enter all fixed expenses, which include the fixed costs for cost of goods sold, selling expenses, and administrative expenses.5. **Net Income:** - Calculate by subtracting total fixed expenses from the contribution margin.This structured approach will help in analyzing the impact of variable and fixed costs on the company's profitability, enabling better decision-making for resource allocation and strategic planning.

Blossom Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.00 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Administrative expenses Variable $320,000 56,000 27,920 Fixed $180,000 26,400 36,000 Prepare a detailed CVP income statement for the year ended December 31, 2022. Blossom Manufacturing Ltd. CVP Income Statement $ $

Blossom Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.00 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Administrative expenses Variable $320,000 56,000 27,920 Fixed $180,000 26,400 36,000 Prepare a detailed CVP income statement for the year ended December 31, 2022. Blossom Manufacturing Ltd. CVP Income Statement $ $

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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