Question

amby Inc. has sales of $2,000,000 for the first quarter of 2020. In making the sales,...

amby Inc. has sales of $2,000,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses.

Variable

Fixed

Cost of goods sold $760,000 $600,000
Selling expenses 95,000 60,000
Administrative expenses 79,000 66,000

Prepare a CVP income statement for the quarter ended March 31, 2020.
HAMBY INC.
Income Statement

For the Year Ended March 31, 2020For the Quarter Ended March 31, 2020March 31, 2020

Administrative ExpensesContribution MarginCost of Goods SoldFixed ExpensesGross ProfitNet Income/(Loss)SalesSelling ExpensesTotal Fixed ExpensesTotal Variable ExpensesVariable Expenses

$

Administrative ExpensesContribution MarginCost of Goods SoldFixed ExpensesGross ProfitNet Income/(Loss)SalesSelling ExpensesTotal Fixed ExpensesTotal Variable ExpensesVariable Expenses

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

$

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

Administrative ExpensesContribution MarginCost of Goods SoldFixed ExpensesGross ProfitNet Income/(Loss)SalesSelling ExpensesTotal Fixed ExpensesTotal Variable ExpensesVariable Expenses

Administrative ExpensesContribution MarginCost of Goods SoldFixed ExpensesGross ProfitNet Income/(Loss)SalesSelling ExpensesTotal Fixed ExpensesTotal Variable ExpensesVariable Expenses

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

    Administrative Expenses    Contribution Margin    Cost of Goods Sold    Fixed Expenses    Gross Profit    Net Income/(Loss)    Sales    Selling Expenses    Total Fixed Expenses    Total Variable Expenses    Variable Expenses    

Administrative ExpensesContribution MarginCost of Goods SoldFixed ExpensesGross ProfitNet Income/(Loss)SalesSelling ExpensesTotal Fixed ExpensesTotal Variable ExpensesVariable Expenses

$

LINK TO TEXT

Homework Answers

Answer #1
Answer
Amby Inc.
CVP Income Statement
For the Quarter ended March 31, 2020
a. Sales Revenue $ 20,00,000
Variable expenses:
Cost of goods sold $7,60,000
Selling expenses $   95,000
Administrative expenses $   79,000
b. Total variable expenses $ -9,34,000
Contribution margin $10,66,000
Fixed expenses:
Cost of goods sold $6,00,000
Selling expenses $   60,000
Administrative expenses $   66,000
c. Total fixed expenses $ -7,26,000
d. Net operating income (a-b-c) $   3,40,000
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