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The condensed income statement for the Ivanhoe and Paul partnership for 2020 is as follows.
Ivanhoe and Paul Company
Income Statement
For the Year Ended December 31, 2020
Sales (300,000 units) $1,500,000
Cost of goods sold 1,000,000
Gross profit 500,000
Operating expenses
Selling $350,000
Administrative 195,000
545,000
Net loss $(45,000 )
A cost behavior analysis indicates that 75% of the cost of goods sold are variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable.
Problem 1: Compute the break-even point in total sales dollars for 2020.
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