Teal Mountain Corporation had sales of $3,000,000 for the year ended December 31, 2022. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses.

		Variable		Fixed
Cost of goods sold		$550,000		$785,000
Selling expenses		117,000		60,000
Administrative expenses		233,000		76,000

Required

1a. Prepare a GAAP Income Statement

1b. Prepare a CVP Income Statement

Answer rating: 100% (QA)

SOLUTION 1a GAAP Income Statement Teal Mountain Corporation GAAP Income Statement For the Year Ended ... View the full answer