## Question

###### Find Solution for Yellow Boxes with formulas. B5 1 Jay Corporation has decided to prepare contribution...

Find Solution for Yellow Boxes with formulas.

B5 1 Jay Corporation has decided to prepare contribution income statements for internal planning. 3 Budgeted information for Quarter 1 of Year 3: 4Sales in units 5 |Sales price per unit 17,000 48.00 7 After analyzing expenses, the company has determined the following cost patterns. 8 Cost of Goods Sold (per unit) 9 Sales Commissions (per dollar of sales) 10 11 Administrative Salaries (per quarter) 45,000.00 12 Rent Expense (per quarter) 13 Depreciation Expense (per quarter) 14 15 16 1. Prepare a contribution margin income statement for Quarter 1 of Year 3 17 18 19 20 21 29.00 9.50% $27,000.00 $36,000.00 Jay Corporation Budgeted Income Statement For Year 3, Quarter 1

Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 18 19 20 21 22 Sales 23 Variable expenses: 24 Cost of goods sold 25Sales commissions 26 Total variable expenses 27 Contribution margin 28 Fixed expenses: 29Adminstrative salaries 30 Rent expense 31Depreciation expense 32 Total fixed expenses 33 Net operating income 34 25

## Answers

CONTRIBUTION MARGIN INCOME STATEMENT FOR QUARTER 1 OF YEAR 3

PARTICULARS DETAIL AMT($) AMT($) A. SALES (17000 x 48) 816000 .

LESS: VARIABLE COST COST OF GOOD SOLD (17000 x 29) 493000 SALES COMMISSION (816000 x 9.5%) 77520 B. TOTAL VARIABLE EXPENSES (570520) C. CONTRIBUTION (A - B) 245480 LESS: FIXED COST ADMINISTRATION SALARIES 45000 RENT EXPENSES 27000 DEPRECIATION EXPENSES 36000 D. TOTAL FIXED COST (108000) E. NET OPERATING PROFIT (C - D) 137480

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