The income statement of GMA Company for the years ended December 31, 2020 and 2021 showed the following data. 2020 2021 Net Sales 800,000 924,000 Cost of Sales 480,000 501,600 Gross Margin 320,000 422,400 Operating expenses 180,000 140,000 220,000 202,400 Net income Additional Data: Units sold 80,000 88,000 Unit selling price 10.00 10.50 Unit cost 6.00 5.70

The income statement of GMA Company for the years ended December 31, 2020 and 2021 showed the following data. 2020 2021 Net Sales 800,000 924,000 Cost of Sales 480,000 501,600 Gross Margin 320,000 422,400 Operating expenses 180,000 140,000 220,000 202,400 Net income Additional Data: Units sold 80,000 88,000 Unit selling price 10.00 10.50 Unit cost 6.00 5.70

Name: Price-Quantity variance = Cost variance =Cost-Quantity variance = Indi
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Description: Price-Quantity variance = Cost variance =Cost-Quantity variance = Indicate if its FAVORABLE or UNFAVORABLE.Format: 11,111 F or 11,111 U The income statement of GMA Company for the yearsendedDecember 31, 2020 and 2021 showed the following data.2020202

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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