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5 May, 22:06

Cullumber Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $941,000 $474,000 Selling expenses 104,000 77,000 Administrative expenses 108,000 102,000 Prepare a CVP income statement for the quarter ended March 31, 2020.

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  1. 6 May, 00:09
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    Net Income $ 494,000

    Explanation:

    Cullumber Inc.

    CVP income statement

    For the Quarter Ended March 31, 2020.

    Sales of $2,300,000

    Variable

    Cost of goods sold $941,000

    Selling expenses 104,000

    Administrative expenses 108,000

    Total Variable Expenses $1153,000

    Contribution Margin $ 1147,000

    Fixed

    Cost of goods sold $474,000

    Selling expenses 77,000

    Administrative expenses 102,000

    Total Fixed Costs $ 653,000

    Net Income $ 494,000
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