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The University Store, Incorporated is the major bookseller for four nearby colleges. An income ...

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The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below:

Sales Cost of goods sold University Store, Incorporated Income Statement For the Quarter Ended March 31 $800,000 560,000 240,000$ 100,000 110,000 210,000 $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 + $3X ▸ Y =$105,000 + $5X ▸ Y =$110,000 + $5X ▸ Y =$110,000 + \$33X
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Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9th
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szsz
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florida1014 Author
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 Correct TY
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 Good timing, thanks!
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 This helped my grade so much
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