Stafford Company prepared a static budget for a production and sales volume of 11,200 units.Per unitStaticstandardsBudgetNumber of units11,200Sales revenue$77.00$862,400Variable manufacturing costs:Materials$18.00201,600Labor$14.00156,800Overhead$ 5.4060,480Variable general, selling, and administrative costsContribution margin$18.00201,600$241,920Fixed costsManufacturing overhead112,800General, selling, and administrative costs57,000Net income$ 72,120What is the net income if 10,200 units are sold?Multiple Choice$71,995$72,478$64,268$50,520

Income statement: The income statement is the financial statement that shows the financial…

Answered: O s71.995 S64.26

Business

Accounting

O s71.995 S64.26

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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Question

Stafford Company prepared a static budget for a production and sales volume of 11,200 units.
Per unit
Static
standards
Budget
Number of units
11,200
Sales revenue
$77.00
$862,400
Variable manufacturing costs:
Materials
$18.00
201,600
Labor
$14.00
156,800
Overhead
$ 5.40
60,480
Variable general, selling, and administrative costs
Contribution margin
$18.00
201,600
$241,920
Fixed costs
Manufacturing overhead
112,800
General, selling, and administrative costs
57,000
Net income
$ 72,120
What is the net income if 10,200 units are sold?
Multiple Choice
$71,995
$72,478
$64,268
$50,520

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