|(For Breakdown of Costs and Expenses, click on the icon here - in order to copy the contents of the data table below into a spreadsheet.) Metroline Manufacturing, Inc. Metroline Manufacturing Income Statement for the Year Just Ended Metroline Manufacturing Breakdown of Costs and Expenses into Fixed and Variable Components for the Year Just Ended for the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold $1,394,000 916,000 $478,000 (percent-of-sales method) Sales $ Cost of goods sold $216,000 700,000 $916,000 Fixed cost Gross profits Less: Operating expenses Operating profits Less: Cost of goods sold % Variable cost 124.000 Gross profits $ $354,000 Total cost Less: Interest expense 32,000 Operating expenses Fixed expenses Variable expenses Less: Operating expenses % $40,000 84,000 $124,000 Net profits before taxes $322,000 Operating profits $ 128,800 $193,200 64,000 $129,200 Less: Taxes (rate = 40%) Total expenses Net profits after taxes Less: Cash dividends Less: Interest expense Net profits before taxes 2$ To retained earnings Less: Taxes Net profits after taxes 2$ Less: Cash dividends

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.