Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Multiple Choice Sam's Bookstore Income Statement For Quarter Ended March 31 O Administrative Net operating income. On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: n $789,000 $149,000 $185,000 $ 102,000 108,000 $751,000 $ 900,000 640,000 260,000 210,000 $ 50,000
Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Multiple Choice Sam's Bookstore Income Statement For Quarter Ended March 31 O Administrative Net operating income. On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: n $789,000 $149,000 $185,000 $ 102,000 108,000 $751,000 $ 900,000 640,000 260,000 210,000 $ 50,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1:56
An income statement for Sam's Bookstore for the first quarter of the year is presented below:
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses
Selling
Administrative
Net operating income.
Multiple Choice
O
Sam's Bookstore
Income Statement
For Quarter Ended March 31
O
O
On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed.
The contribution margin for Sam's Bookstore for the first quarter is:
O
$789,000
$149,000
$185,000
$ 102,000
108,000
$751,000
$ 900,000
640,000
260,000
210,000
$50,000
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