Mills, Inc. manufactures a cycling bikes. There most recent data for the year are as follows: Sales………………………………....…..….…...$ 20,000 Fixed costs of goods sold………………....2,000 Fixed selling expenses ……………………...2,500 Fixed administrative expenses………..…1,500 Variable cost of goods sold ………...….....1,000 Variable selling expense…………..…....…..1,520 Variable administrative expense………....3,000 Instructions: Prepare a CVP income statement for the quarter ending June 2017. You must show your work.
Mills, Inc. manufactures a cycling bikes. There most recent data for the year are as follows: Sales………………………………....…..….…...$ 20,000 Fixed costs of goods sold………………....2,000 Fixed selling expenses ……………………...2,500 Fixed administrative expenses………..…1,500 Variable cost of goods sold ………...….....1,000 Variable selling expense…………..…....…..1,520 Variable administrative expense………....3,000 Instructions: Prepare a CVP income statement for the quarter ending June 2017. You must show your work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mills, Inc. manufactures a cycling bikes. There most recent data for the year are as follows:
Sales………………………………....…..….…...$ 20,000
Fixed costs of goods sold………………....2,000
Fixed selling expenses ……………………...2,500
Fixed administrative expenses………..…1,500
Variable cost of goods sold ………...….....1,000
Variable selling expense…………..…....…..1,520
Variable administrative expense………....3,000
Instructions: Prepare a CVP income statement for the quarter ending June 2017. You must show your work.
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