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TB MC Qu. 1-254 An income statement for Sam's Bookstore for ... An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 900,000 Cost of goods sold 635,000 Gross margin 265,000 Selling and administrative expenses Selling $ 101,000 Administration 106,000 207,000 Net operating income $ 58,000 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 3% of sales with the remainder being fixed. The net operating income using the contribution approach for the first quarter is:
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TB MC Qu. 1-254 An income statement for Sam's Bookstore for ... An income statement for Sam's Bookst...
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