Data Sales $12,000 Variable costs: Cost of goods sold $6,000 Variable selling $600 Variable administrative $400 Fixed costs: Fixed selling $2,500 Fixed administrative $1,500 Enter a formula into each of the cells marked with a ? below Exhibit 1-7 Traditional Format Income Statement Sales $ 12,000 Cost of goods sold 6,000 Gross margin ? Selling and administrative expenses: Selling ? Administrative ? ? Net operating income ? Contribution Format Income Statement Sales ? Variable expenses: Cost of goods sold ? Variable selling ? Variable administration ? ? Contribution margin ? Fixed expenses: Fixed selling ? Fixed administrative ? ? Net operating income ?
Data Sales $12,000 Variable costs: Cost of goods sold $6,000 Variable selling $600 Variable administrative $400 Fixed costs: Fixed selling $2,500 Fixed administrative $1,500 Enter a formula into each of the cells marked with a ? below Exhibit 1-7 Traditional Format Income Statement Sales $ 12,000 Cost of goods sold 6,000 Gross margin ? Selling and administrative expenses: Selling ? Administrative ? ? Net operating income ? Contribution Format Income Statement Sales ? Variable expenses: Cost of goods sold ? Variable selling ? Variable administration ? ? Contribution margin ? Fixed expenses: Fixed selling ? Fixed administrative ? ? Net operating income ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Data | ||
| Sales | $12,000 | |
| Variable costs: | ||
| Cost of goods sold | $6,000 | |
| Variable selling | $600 | |
| Variable administrative | $400 | |
| Fixed costs: | ||
| Fixed selling | $2,500 | |
| Fixed administrative | $1,500 | |
| Enter a formula into each of the cells marked with a ? below | ||
| Exhibit 1-7 | ||
| Traditional Format Income Statement | ||
| Sales | $ 12,000 | |
| Cost of goods sold | 6,000 | |
| Gross margin | ? | |
| Selling and administrative expenses: | ||
| Selling | ? | |
| Administrative | ? | ? |
| Net operating income | ? | |
| Contribution Format Income Statement | ||
| Sales | ? | |
| Variable expenses: | ||
| Cost of goods sold | ? | |
| Variable selling | ? | |
| Variable administration | ? | ? |
| Contribution margin | ? | |
| Fixed expenses: | ||
| Fixed selling | ? | |
| Fixed administrative | ? | ? |
| Net operating income | ? |
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