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Gold Inc. produced and sold 2,940 pairs of jeans and made a net income of $8,800 last year. Total revenue for the year was $95,800. The break-even volume of the company is 2,380 pairs of jeans. a. Calculate the selling price of each pair of jeans. Round to the nearest cent. b. Calculate the variable costs for each pair of jeans. Round to the nearest cent. c. Calculate the fixed costs per year. Round to the nearest cent

Gold Inc. produced and sold 2,940 pairs of jeans and made a net income of $8,800 last year. Total revenue for the year was $95,800. The break-even volume of the company is 2,380 pairs of jeans. a. Calculate the selling price of each pair of jeans. Round to the nearest cent. b. Calculate the variable costs for each pair of jeans. Round to the nearest cent. c. Calculate the fixed costs per year. Round to the nearest cent

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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Gold Inc. produced and sold 2,940 pairs of jeans and made a net income of $8,800 last year. Total revenue for the year was $95,800. The break-even volume of the company is 2,380 pairs of jeans. a. Calculate the selling price of each pair of jeans. Round to the nearest cent. b. Calculate the variable costs for each pair of jeans. Round to the nearest cent. c. Calculate the fixed costs per year. Round to the nearest cent
Transcribed Image Text:Gold Inc. produced and sold 2,940 pairs of jeans and made a net income of $8,800 last year. Total revenue for the year was $95,800. The break-even volume of the company is 2,380 pairs of jeans. a. Calculate the selling price of each pair of jeans. Round to the nearest cent. b. Calculate the variable costs for each pair of jeans. Round to the nearest cent. c. Calculate the fixed costs per year. Round to the nearest cent
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