Homework Answers
Solution:
| Income statement | |||
| For the month of June | |||
| Particulars | Amount | % | |
| Sales revenue | $687,800.00 | 100.0% | |
| Cost of goods sold | $380,100.00 | 55.3% | |
| Gross profit | $307,700.00 | 44.7% | |
| Selling expenses: | |||
| Variable commissions | $68,780.00 | ||
| Fixed selling expenses | $64,400.00 | ||
| Total selling expenses | $133,180.00 | 19.4% | |
| Administrative expenses | $52,800.00 | 7.7% | |
| Operating income | $121,720.00 | 17.7% | |
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