Norwood Company has the following information for July: Sales $440,000 Variable cost of goods sold 198,000 Fixed manufacturing costs 70,400 Variable selling and administrative expenses 44,000 Fixed selling and administrative expenses 26,400 Determine the following for Norwood Company for the month of July: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income $fill in the blank 3
Norwood Company has the following information for July: Sales $440,000 Variable cost of goods sold 198,000 Fixed manufacturing costs 70,400 Variable selling and administrative expenses 44,000 Fixed selling and administrative expenses 26,400 Determine the following for Norwood Company for the month of July: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income $fill in the blank 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Norwood Company has the following information for July:
| Sales | $440,000 |
| Variable cost of goods sold | 198,000 |
| Fixed |
70,400 |
| Variable selling and administrative expenses | 44,000 |
| Fixed selling and administrative expenses | 26,400 |
Determine the following for Norwood Company for the month of July:
| a. Manufacturing margin | $fill in the blank 1 |
| b. Contribution margin | $fill in the blank 2 |
| c. Operating income | $fill in the blank 3 |
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