Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

local coat retailer

J Bryant, Ltd., is a . The store"s accountant prepared the following income statement for the month ended January 31.

Sales

  

8750,000

Cost of goods sold

  

300,000

Gross margin

  

450,000

Less operating expenses

    

Selling

$23,560

  

Administrative

49,500

73,060

Net operating income

  

$376,940

Bryant sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.

Required

  1. Prepare a contribution format income statement for January.
  2. Using the format y = mx + b, develop a cost formula for the operating expenses.
  3. If 2,700 coats are sold next month, what is the expected total contribution margin?

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 06:07 PM My Price 8.00

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