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7 2 points 00:59:13 An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Sam's Bookstore Income Statement For Quarter Ended March 31 Multiple Choice $171,600 $ 108,000 120,000 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. $62,000 $ 960,000 670,000 290,000 The net operating income using the contribution approach for the first quarter is: 228,000 $ 62,000

An income statement for Samis Bookstore for the first quarter of the yest is presented below: On averoge, a book selis for $60. Variable selling expenses are $5 per book wht the remaining seling expenses boing fused. The variablit adrinistration expenses are 4x of sales with the remainder being fiked. The net operating income using the contribution approach for the first quatter is: Mutople Choice smeos $62.000 An income statement for Sam's Hookstore for the first quarter of the year is presented bolow: On average, a book sells for 570 . Variable solting expenses are $5 per book with the remaining seling expenses being fixed. The variable administrative experises are 4% of sales with the remsinder being fived The cost formula for selling and administrative expenses wh ' x ' equal to tho number of books sold is: Musiple Cheice y=$176,600+5780x Y=$116600+$500x

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