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Home Q & A Board Other Fields Homework Help Business Accounting
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2yankees2 2yankees2
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Posts: 308
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5 years ago
Steve Corporation is using the kaizen approach to budgeting for 2015. The budgeted income statement for January 2015 is as follows:

Sales (240,000 units)$360,000
Less: Cost of goods sold240,000

Gross margin120,000
Operating expenses (includes $32,000 of fixed costs)96,000

Net income$ 24,000

Under the kaizen approach, cost of goods sold and variable operating expenses are budgeted to decline by 1% per month.

Required:
Prepare a kaizen-based budgeted income statement for March of 2015.
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pooja14pooja14
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Posts: 195
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5 years ago
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2yankees2 Author
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#2
5 years ago
Helps a lot... Now I'm ready for my quiz
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