Ivanhoe Industries produces and sells a cell phone-operated home security control systems. Information regarding the costs and sales during May 2022 is as follows.

Unit selling price		$45.00
Unit variable costs		$22.95
Total monthly fixed costs		$124,000
Units sold		8,000

Prepare a CVP income statement for Ivanhoe Industries for the month of May. (Round per unit answers to 2 decimal places, e.g. 15.25.)

Ivanhoe Industries CVP Income Statement choose the accounting period For the Month Ended May 31, 2022For the Quarter Ended May 31, 2022May 31, 2022
		Total		Per Unit		Percent of Sales
select an income statement item Selling ExpensesVariable CostsGross ProfitFixed CostsNet Income/(Loss)Administrative ExpensesCost of Goods SoldContribution MarginSales		$enter a dollar amount		$enter a dollar amount rounded to 2 decimal places		enter percentages %
select an income statement item Fixed CostsCost of Goods SoldNet Income/(Loss)Contribution MarginGross ProfitAdministrative ExpensesVariable CostsSelling ExpensesSales		enter a dollar amount		enter a dollar amount rounded to 2 decimal places		enter percentages %
select a summarizing line for the first part Net Income/(Loss)Administrative ExpensesSalesSelling ExpensesGross ProfitFixed CostsContribution MarginCost of Goods SoldVariable Costs		enter a total amount for the first part		$enter a total amount per unit rounded to 2 decimal places		enter total percentages %
select an income statement item Selling ExpensesVariable CostsContribution MarginCost of Goods SoldSalesFixed CostsAdministrative ExpensesNet Income/(Loss)Gross Profit		enter a dollar amount
select a closing name for this statement Selling ExpensesContribution MarginGross ProfitNet Income/(Loss)Fixed CostsAdministrative ExpensesCost of Goods SoldSalesVariable Costs		$enter a total net income or loss amount

Answer rating: 100% (QA)

Note 1 Total Sales 45 8000 units 360000 Note 2 Total Variable costs 2295 8000 units 183600 Note 3 Pe... View the full answer