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ashly138 ashly138
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7 years ago
Christy Enterprises reports the year-end information from 2015 as follows:

   Sales (100,000 units)   $500,000
   Less: Cost of goods sold   300,000
   Gross profit   200,000
   Operating expenses (includes $20,000 of depreciation)   120,000
   Net income   $ 80,000

Christy is developing the 2016 budget. In 2016 the company would like to increase selling prices by 10%, and as a result expects a decrease in sales volume of 5%. Cost of goods sold as a percentage of sales is expected to increase to 62%. Other than depreciation, all operating costs are variable.

Required:
Prepare a budgeted income statement for 2016.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
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GarretAGarretA
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7 years ago
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ashly138 Author
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7 years ago
Thank you, thank you, thank you!
prime7105
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Yesterday
this is exactly what I needed
Holly72492
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2 hours ago
Correct Slight Smile TY
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