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Garland Limited gathered the following information for the year ended 31 December 20X9:
Garland Limited
Income Statement
Year Ended 31 December 20X9
Sales revenue $678,000
Cost of sales 413,700
Gross profit 264,300
Operating expenses:
Marketing expenses $83,900
Administrative expenses 57,600
Total operating expenses 141,500
Profit $122,800
Total fixed manufacturing expenses amounted to $210,300. Marketing expenses were 25% variable and 75% fixed. Administrative expenses were 80% fixed and 20% variable.
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