WileyPLUS Upgrade your st using iCloud WileyPLUS: My Weygandt, Managerial Accoun

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WileyPLUS Upgrade your st using iCloud WileyPLUS: My Weygandt, Managerial Accounting, 7e Assignment Gradebook ORION Downloadable eTextbook nt CALCULATOR FULL SCREEN PRINTER VERSION BA Brief Exercise 5-7 Russell Inc. had sales of $2,240,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold Selling expenses Administrative expenses $966,000 141,000 98,000 $483,000 52,000 109,000 Prepare a CVP income statement for the quarter ended March 31, 2017. RUSSELL INC. CVP Income Statement For the Quarter Ended March 31, 2017 Sales 2240 Variable Costs Contribution Margin Flxed Costs 424.9 t I Privacy Policy 1 2000-2018 John Wley.& Sons. Inc All Rights Reserved. A Division of John Wiler A Sons. Inc.

Explanation / Answer

Sales=2240000
Variable expenses:
Cost of goods sold=966000
Selling expenses=141000
Adminstrative expenses=98000
Total variable epenses=1205000
COntribution margin=1035000
Fixed costs:
Cost of goods sold=483000
Selling expenses=52000
Adminstrative expenses=109000
Total fixed costs=644000
Net income=391000

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