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Problem - Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The following information was provided for the coming year.
Sales
$970,000
$3,100,000
Variable cost of goods sold
460,000
1,630,000
Direct fixed overhead
160,000
200,000
A sales commission of 4% of sales is paid for each of the two product lines. Direct fixed selling and administrative expense was estimated to be $146,000 for the poinsettia line and $87,000 for the fruit tree line. Common fixed overhead for the nursery operation was estimated to be $800,000; common selling and administrative expense was estimated to be $450,000.
Required -
1. Prepare a segmented income statement for Gorman Nurseries for the coming year, using variable costing.
2. Prepare a segmented income statement for Gorman Nurseries for the coming year, using variable costing.
kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000.
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