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Question - Penzance Co. produces a single product. Cost and revenue details are as follows:
Selling Price $75.00 per unit
Variable Costs $45.00 per unit
Contribution Margin $30.00 per unit
Total Fixed Costs $480,000 per annum.
Determine the Total Revenue (TR) and Total Costs (TC) for each of the following levels of activity respectively:
0 units sold
24,000 units sold
If the company uses the first-in, first -out inventory costing method, what is the amount of Cost of Goods Sold on the income statement
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