Three university students decided to operate an on-campus business producing and selling novelty t-shirts that also promoted their university name. They were able to secure the use of a room in one of the campus buildings for a charge of $800.00 total for the school year. The students decided that they each wanted $2000 income for the year for operating the business. Advertising and promotion costs were estimated at $400 for the year. They decided that the selling price for the t-shirts would be $12.00, and their best estimate of required sales to break even was 1800 shirts. C) What was the margin as a percentage of the sales? D) What was the margin as a percentage of the cost?

Three university students decided to operate an on-campus business producing and selling novelty t-shirts that also promoted their university name. They were able to secure the use of a room in one of the campus buildings for a charge of $800.00 total for the school year. The students decided that they each wanted $2000 income for the year for operating the business. Advertising and promotion costs were estimated at $400 for the year. They decided that the selling price for the t-shirts would be $12.00, and their best estimate of required sales to break even was 1800 shirts. C) What was the margin as a percentage of the sales? D) What was the margin as a percentage of the cost?

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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