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

fill in red boxes for thumbs up
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

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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