(Solved):An income statement for James & Justice Enterprises is presented below: James & Justice…

 

Question

An income statement for James & Justice Enterprises is presented below:

James & Justice Enterprises
Income Statement
For the Year Ended January 31, 2016
Sales (300,000 units) $1,800,000
Variable Expenses:
Cost of Goods Sold $900,000
Selling Expenses $225,000
Administrative Expense $150,000 $1,275,000
Contribution Margin $525,000
Fixed Costs:
Cost of Goods Sold $300,000
Selling Expenses $242,400
Administrative Expense $100,000 $642,400
Net Loss $(117,400)

INSTRUCTIONS:

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