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Author Question: J Bryson, Ltd. is a local coat retailer. The store's accountant prepared the following income ... (Read 84 times)

rissygurl1124

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on: Feb 5, 2023
J Bryson, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31.

Sales revenue​$750,000
Cost of goods sold​300,000
Gross margin​450,000
Less operating expenses​​
  Selling expense$23,560​
  Administrative expense  49,500   73,060
Operating income​$376,940

Bryson 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 6% of sales.

Required:

a. Prepare a contribution format income statement for January.
b. Using the format y = mx + b, develop a cost formula for the operating expenses.
c. If 2,700 coats are sold next month, what is the expected total contribution margin?
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by rissygurl1124 on Feb 5, 2023

furthoh

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Reply #1 on: Feb 5, 2023
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rissygurl1124

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Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

ttt030911

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Reply 3 on: Yesterday
:D TYSM

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