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An income statement for Sam's Bookstore for the first quarter of the year is presented below:
Sam's BookstoreIncome StatementFor Quarter Ended March 31
Sales $930,000
Cost of goods sold 655,000
Gross margin 275,000
Selling and administrative expenses Selling $105,000
Administration 114,000 219,000
Net operating income $56,000
Point 1: On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed.
Question 1: What The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
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Raw materials were issued for use in production. Completed units were sold on account for $1,400,000. The cost of goods sold was $890,000.
Locate the website of any company that publishes a Corporate Social Responsibility Report
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