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J Concord, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31:
Sales revenue
$
763,000
Cost of goods sold
345,500
Gross margin
417,500
Operating expenses
Selling expense
$
24,260
Administrative expense
50,560
74,820
Net operating income
$
342,680
Concord 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.
Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)
Using the format y = mx + b, develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)
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https://buyassignment.org/wp-content/uploads/2020/04/logo-300x60.png00Paulhttps://buyassignment.org/wp-content/uploads/2020/04/logo-300x60.pngPaul2022-05-02 22:33:242022-05-02 22:33:24Prepare a contribution format income statement for January.