J Bryant, 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 525,000 Gross margin 225,000 Operating expenses Selling expense $ 41,060 Administrative expense 68,600 109,660 Net operating income $ 115,340 Bryant sells its coats for $200.00 each. Selling expenses consist of fixed costs plus a commission of $6.00 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 6% of sales.

J Bryant, 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 525,000 Gross margin 225,000 Operating expenses Selling expense $ 41,060 Administrative expense 68,600 109,660 Net operating income $ 115,340 Bryant sells its coats for $200.00 each. Selling expenses consist of fixed costs plus a commission of $6.00 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 6% of sales.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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J Bryant, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended
January 31:
$ 750,000
Sales revenue
Cost of goods sold
525,000
Gross margin
225,000
Operating expenses
Selling expense
$ 41,060
Administrative expense
68,600
109,660
Net operating income
$ 115,340
Bryant sells its coats for $200.00 each. Selling expenses consist of fixed costs plus a commission of $6.00 per coat.
Administrative expenses consist of fixed costs plus a variable component equal to 6% 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.)
Per Unit

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