Question:
Radial Inc. had sales of $2,400,000 for the first quarter of 2014. In making the sales, the company incurred the costs and expenses shown below.
|
Variable
|
Fixed
|
|
Cost of goods sold
|
$920,000
|
$440,000
|
|
Selling expenses
|
70,000
|
45,000
|
|
Administrative expenses
|
86,000
|
98,000
|
Prepare a CVP income statement for the quarter ended March 31, 2014.