Question: fill in red boxes for thumbs up Coronado, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month

Coronado, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue $ 1440,000 Cost of goods sold 320,000 Gross margin 1,120,000 Operating expenses Selling expense $ 43,000 Administrative expense 70,000 113,000 Net operating income $ 1,007,000 Coronado sells its coats for $450 each. Selling expenses consist of fixed costs plus a commission of $6.70 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 4,50% of sales Per Unit Sales Revenue 1440000 $ Variable Expenses Cost of Goods Sold 320000 i 30 Selling Expense 21440 6.70 Administrative Expense 64800 i 20.25 Total Variable Expenses 1206240 376.5 Contribution Margin 233760 $ 730 Fixed Expenses Selling Expense 21560 Administrative Expense 5200 Total Fixed Expenses 26760 Operating Income $ 207000
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