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University Store, Inc. Income Statement For the Quarter Ended March 31 ...

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Accounting

University Store, Inc.
Income Statement
For the Quarter Ended March 31
\table[[\table[[Sales],[Cost of goods]],\table[[Cost of goods],[sold]]],[\table[[Selling and],[administrative],[expenses]]],[Selling,$,100,000,,],[Administrative,,110,000,,210,000],[\table[[Net operating],[income]],,,$,30,000]]
On average, a book sells for $40.00. Variable selling expenses are $3.00 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder of the administrative expenses are fixed.
The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
Y=$105,000+$5x
Y=$105,000+$3x
Y=$110,000+$5x
Y=$110,000+$33x
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