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Prepare an income statement for the quarter

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Reference no: EM133119090

Question - Music Village sells amplifiers. Information from the quarter Shows income of $1,478,400 and cost of goods sold as $672,000. The company has $287.840 in selling expense which included 10 % commission for each amplifier sold. The company also has $120,000 administrative expense 80% of which are fixed. The company buys amplifiers from several suppliers with an average price of $280 and resells them with 120% mark up on the price.

Required -

1. Prepare an income statement for the quarter using absorption approach

2. Prepare an income statement for the quarter using the contribution approach

3. How much the sale of each amplifier contributes to covering the fixed costs?

4. What is the minimum number of amplifiers Music villager needs to sell to break even?

Reference no: EM133119090

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