Business, 25.01.2021 20:20, mirellaenriquez5529
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 contribution margin for Sam's Bookstore for the first quarter is?
Answers: 3
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An income statement for Sam's Bookstore for the first quarter of the year is presented below:
Sam's...
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